What is a condition in an insurance contract?
In an insurance context, a condition is either a contractual term obliging the insured to act in a certain way, or a contingency upon which the validity of a policy or a claim may depend. The nature and types of insurance conditions vary widely as do the consequences of breach.
What is a pre-existing condition for insurance?
What are pre-existing conditions and who has them? As defined most simply, a pre-existing condition is any health condition that a person has prior to enrolling in health coverage. Or it could be more serious or require more costly treatment – such as diabetes, heart disease, or cancer.
What is a condition specific policy?
Disease specific insurance is a supplemental insurance policy that only covers you if you are diagnosed with the particular disease that is outlined in the policy, such as cancer, Alzheimer’s disease, or heart disease.
How is pre-existing condition determined?
While insurers generally determine the presence of a pre-existing condition based on an applicant’s current health status, sometimes a healthy applicant can be deemed to have a pre-existing condition based on a past health problem or evidence of treatment for a particular condition.
Is an evidence of the contract of insurance?
Explanation : The policy document is the most important document associated with insurance. It is evidence of the contract between the assured and the insurance company.
Which of these is considered a mandatory provision?
Which of these is considered a mandatory provision? “Payment of Claims”. Payment of Claims is considered a mandatory provision and directs where the claim benefits will go. The others are considered optional provisions.
What is the evidence of the contract between insurer and insured?
What are the six basic principles of insurance?
In the insurance world there are six basic principles that must be met, ie insurable interest, Utmost good faith, proximate cause, indemnity, subrogation and contribution.
What does it mean to be an insurance carrier?
Definition – What does Insurance Carrier mean? An insurance carrier is a company licensed to sell insurance policies.
What is difference in conditions insurance?
Difference in conditions (DIC) insurance is a type of policy that provides expanded coverage for some perils not covered by standard insurance policies. DIC insurance is designed to fill in gaps in insurance coverage and is most frequently used by larger organizations, looking for protection from catastrophic perils.
What are the policy conditions of an insurance policy?
Policy conditions are circumstances under which insurance coverage is provided and excluded in an insurance policy.
Can a health insurance company deny you coverage because of a pre-existing condition?
If you are enrolled in a plan since 2010, then no, your insurer can’t legally deny you coverage or charge you higher premiums because you have a pre-existing condition. The Affordable Care Act, passed in 2010, made it illegal for insurers to deny you coverage or charge high rates for pre-existing conditions.