What there is to know about personal accident policies
AXIS Capital, a group of companies with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States has built a global franchise that is well diversified by product –i.e. Personal Accident. The company also service SE Asian countries such as KL Malaysia, Bangkok Thailand, Jakarta Indonesia and many more.
A PA policy otherwise known as personal protection plan is a yearly insurance cover offering compensation in case of injuries, permanent, temporary, total or partial disablement, or death caused exclusively by violent, accidental, external and visible events. The plan furthermore covers medical expenses, corrective surgery, hospitalization benefits and funeral expenses be caused by accidents.
Many PA policies come with 24-hour worldwide insurance protection and various packages. Some cover just accidental death whereas others comprise disabilities and some with special coverage for high-risk individuals. There are furthermore stand-alone PA policies in addition to riders to life insurance plans. Always read reviews before purchasing a policy.
Although there are many variations of the plans, PA policies essentially cover the insured and their beneficiaries in the event of accidental death or disability due to disease. Coverage depends on how much premium is paid. Individuals, families and groups, can take up PA policies, as do most employers for their employees.
Insured risk and Exclusions
It is significant that you understand what your PA policy plan covers and rejects to avoid complaints. This will facilitate you make a knowledgeable judgment and moreover keep away from disagreements in the event of a claim. PA policies are very precise in the coverage of insured risks- if it affirms that it covers against death and permanent disability caused by an accident, the keyword here is ‘caused by accident’ as there will be no compensation for death or disability instigated by other reasons. Death in childbirth or disease for example, is excluded.
It is critical to note the list of eliminations under a policy. Normal exclusions in most plans consist of war, riot, self-inflicted injury, suicide, AIDS, injury or death resulting from participation in unlawful events, provoked murder or assault and hazardous sports. It is significant for you as the consumer to read the clauses on pre-existing illnesses, as it will plan the eliminations and degree on an insured risk. PA policies with medical expense coverage are invalid for illnesses or ailments. PA policies will furthermore exclude coverage for definite high-risk category individuals- as these people are typically involved in perilous activities like extreme sports, diving and law enforcement during war or riots.