Accident Insurance

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 Accident insurance is defined as a payout received due to the serious injury of an individual (the policyholder). This type of insurance is taken out due to the many, daily activities that we face. Coverage generally includes if the policyholder is at home, out in the community, or at work. Whether it be the fact that we are driving a vehicle or shopping, accidents can happen and insurance is a must-have for financial stability if a tragedy happens. Many accidental insurance policies cover if a person is involved in a sport. It's important to check with different companies to see if they cover sporting accidents if this is of importance to you.

Accident insurance policies are examples of non-indemnity insurance contracts. This means if an individual experiences the loss of a body part, the insurance company does not indemnify the person against the loss of the body part. Instead, the policy pays the person a specified amount of money for that loss.

Many accident insurance policies in the UK provide coverage for hospitalisation if required. There are also several companies that provide coverage whether in the UK or if visiting in another country.

In general, accident insurance policies cover loss of vision, loss of hearing, and loss of use of limbs, for example. Some policies pay out for accidental death should that unfortunately occur.

Payout of accident insurance depends on the policy chosen and what is covered. Often times, major injuries such as the loss of both limbs, both eyes, or both ears, will pay the full amount. Usually, injuries that involve the loss of one limb or one eye, for example, will result in a lower payout such as half of the full sum.

There are exclusions to accident insurance policies that are standard. Such exclusions include suicide attempts, accidents that involve drugs or alcohol (unless drug was prescribed by a physician). Other exclusions may include activities that are considered dangerous such as skydiving and mountain climbing. It is important to check with each insurance company that is being considered to determine the exact cover.

It is common for accident insurance policies to end when the insured reaches the age of seventy-five. Again, check with specific insurance companies on their exact coverage policies.

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