Critical Illness Insurance Quiz

Critical Illness Insurance (CI) Key Points

• Acceleration benefit CI cover allows claims based on terms set by the insurer, typically allowing multiple claims.
• Upon CI claim, future premiums are often reduced if the sum assured is shortened due to the claim.
• To alleviate concerns over future premiums post-CI claim, an insured can attach a CI Waiver of Premium rider.

Whole Life Plans and Critical Illness

• A whole life plan with 50% acceleration benefit means half the sum assured is payable upon critical illness, with remaining coverage active upon death or total permanent disability (TPD).
• Clients like homemakers should consider additional riders, such as the CI Waiver of Premium, to enhance protection against premium payment obligations.

Benefits and Claims

• When claiming under a whole life plan with additional CI benefits, clients may receive specified amounts based on the occurrence of CI or TPD, with all policies detailing pay-out structures.
• Accident-related deaths can trigger benefit payouts, combining standard life insurance with additional CI coverage.

Additional Benefits of CI Cover

• Additional benefit CI covers can be issued as stand-alone products or riders, enhancing flexibility in policy structuring.
• Claims for additional CI benefits require supporting documents, including histology reports and attending physician statements.

Group Plans and Hospital Cash Insurance

• Group Critical Illness covers can be structured as either Acceleration or Additional benefit covers, providing varied options for organizational insurance plans.
• Hospitalization Cash Insurance offers daily cash benefits for a fixed number of days, with maximum limits per hospitalization event.

General Insurance Features

• Coverage features often vary significantly across policies, from the terms of hospitalization cash benefits to exclusions in dental insurance covering specific treatments.
• Medical benefits under travel insurance encompass a range of services, including medical expenses, hospitalization allowances, and emergency assistance services.

Dental Insurance Insights

• Dental policies may be offered on individual or group bases and may include underwriting considerations that affect acceptance.
• Exclusions in dental insurance typically involve specific treatment types which are not covered, emphasizing the need for thorough understanding before policy purchase.

Summary of Common Insurance Features

• Group Dental Care policies may have limitation clauses that alter benefit access due to overlapping coverage with public programs or other insurance plans.
• Distinctions between accelerated and additional critical illness cover focus on policy continuation and claims — accelerated products can lead to termination of the basic plan upon payout, unlike additional benefit riders.

Test your understanding of Critical Illness (CI) insurance policies with this quiz. Learn about the acceleration benefits, claim limits, and premium adjustments related to CI covers. See how well you know the intricacies of CI insurance!