GR product features and the taxation of premiums and benefits Flashcards
For GCI, what is additional cover?
This covers a number of additional serious illnesses as well as those provided by base cover, this is provided at a higher cost. The range of illnesses included in additional cover varies from insurer to insurer.
For GCI, what is TPD?
Total Permanent Disability is a disability expected to last throughout life with no prospect of improvement, irrespective of when the cover ends or the insured individual expects to retire
For GCI, what is PECE?
Pre-Existing Conditions Exclusions is what insurers rely on to prevent anti-selection. This means that claims for any existing conditions are excluded.
For GCI, what is a related condition?
This is where the individual has had symptoms, received treatment or advice for a related condition then they are treated as having the critical illness that the condition is related to.
For GIP, what is ‘Own Occupation’ incapacity?
The employee is unable to perform their normal occupation and is not following any other occupation.
For GIP, what is ‘Suited Occupation’ incapacity?
The employee is unable to perform their normal occupation and unable to perform any reasonable alternative occupation to which they are suited by their transferable skills, and is not following any other occupation.
For GIP, what is ‘Any Occupation’ incapacity?
The employee is unable to perform any occupation.
For GIP, what are non-intergrated benefits?
On this benefit basis, no deduction is made in respect of State benefits.
For GIP, what are partially-intergrated benefits?
On this benefit basis, a fixed deduction is made in respect of State benefits.
For GIP, what are fully-intergrated benefits?
On this benefit basis, a deduction is made in respect of the State benefits the employee can receive.
