Question

EXPLAIN Insurance Coverage in detail in any one of the following areas: 1) Auto Insurance - Property and Liability;

2) Homeowner’s or Renter’s Insurance – Property and Liability;

3) Health Insurance Policy;

4) Disability Insurance; or

5) Life Insurance.

Answer 1

Answer:

Insurance Coverage in detail in one of the below areas is as below:

3) Health Insurance Policy;

Health insurance policy is the policy of insurance which cover the health issues or diseases for the person and his limited family members as per the insurance plan for the given time period. Health insurance policy has following key features which stated below in detail.

• Treatment expense coverage to an amount limit: The health insurance policy has a limit for the medical expense for the individual and his family as per the policy signed off. For example the health insurance policy has a limit of maximum $100000 amount for the given policy, it means the policy covers the sum of medical expenses of all the family member including the individual owning the policy will be up to $100000 only and any medical expense above $100000 will not be borne by the policy and individual has to pay by himself for all medical expenses which are above the max limits. This limit is for the policy time period only say one year etc.   
• Policy cover individual and his limited family members: The health insurance policy has the limit to cover the family members also. Generally the policy has the predefined criteria for family member to include in the health insurance policy. The criteria could be for married person like individual + spouse + max two children OR for non-married person, individual + parents + one dependent sibling (brother or sister) etc.
• Policy time period: The health insurance policy has the standard time period for which the policy is applicable and after the time period the policy will be lapse unless renewed by the policy owner. The general time period is one year.
• Policy Terms and conditions: Policy has its detail terms and conditions like which diseases are covered, what is hospitalization time period, what medical investigation etc. The individual need to understand the terms and conditions in detail
• Cash less facility: The health insurance policy provides the cashless facility where the individual need not to pay cash to the hospital and his or his family member treatment will be carried out on the basis of the policy terms and the hospital will cross charge to the insurance company instead of the individual. The individual need to get the cashless approval upon admission in the hospital.
• Pre and Post hospitalization limits: The health insurance policy covers the pre and post treatment of the insured as per the policy terms. It generally provides reimbursement for the one month pre treatment and two month post treatment after the discharger from the hospital.