Page 196 - IC38 GENERAL INSURANCE

n) Corporate Floater or Buffer Cover amount helps meet excess expenses over
and above the family sum insured.

o) Overseas Mediclaim / Travel Policies provide cover to an individual against
exposure to the risk of accident, injury and sickness during his stay
overseas.

p) Corporate Frequent Travelers‟ Plan is an annual policy whereby a corporate
takes individual policies for its executives who frequently make trips outside
India.

q) Many terms used in health insurance have been standardized by IRDA by
regulation to avoid confusion especially for the insureds.

Answers to Test Yourself

Answer 1

The correct option is II.

Though the duration of cover for pre-hospitalization expenses would vary from
insurer to insurer and is defined in the policy, the most common cover is for
thirty days pre-hospitalization.

Answer 2

The correct option is I.

As per IRDA guidelines, a 30 days grace period is allowed for renewal of
individual health policies.

Self-Examination Questions

Question 1

Which of the below statement is correct with regards to a hospitalization
expenses policy?

I. Only hospitalization expenses are covered
II. Hospitalization as well as pre and post hospitalization expenses are covered
III. Hospitalization as well as pre and post hospitalization expenses are covered

and a lumpsum amount is paid to the family members in the event of
insured‟s death
IV. Hospitalization expenses are covered from the first year and pre and post
hospitalization expenses are covered from the second year if the first year is
claim free.

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