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.