Chapter 4 Flashcards
Cancer only cover
Pays a fixed cash lump sum on diagnosis of a specified cancer rather than on the cost of treatment
Critical illness cover
Pay a predetermined lump sum on the diagnosis of a specified condition after completing a survival period
Fact-find
Gather information, determine the customer’s demands and needs and help determine the best underwriting method for the customer
Hard facts
Age, income, state of health
Health screening
Any previously unknown medical condition is diagnosed then and any treatment cost may be covered by the patient’s health insurance
Hospital treatment insurance
Pays a given amount of a specified mainly surgical treatments only
Immediate needs policies
Where the customer already needs care and wants to replace the uncertainty of paying every month of paying a fixed sum upfront to be used to pay a set amount each month until they die
Income Protection
Provides a replacement monthly income if they’re unable to work because of sickness or accident
Long-term care
Provides a preselected monthly income to meet the cost of home care or nursing home fees, but those too old and disabled to look after themselves
Payment protection insurance
Designed to protect loan payments
Personal accident insurance
Pays out a fix sum if the insured has an accident with the amount varying with the severity of the accident
Pre-funded policies
The customer pays either regular payments or single premium into insurance policy whilst the insured is still in reasonable health
Soft facts
Personal priorities and wants
Total permanent disability
A benefit that pays out an agreed sum of money if you have an illness or injury that means you’re permanently incapacitated
Unemployment insurance
Pays a weekly or monthly benefit if the insured loses their job, or if their business goes into involuntary liquidation
