Page 381 - Ebook health insurance IC27

Sashi Publications

Declaration :
(i) The statement of the proposal form signed by the insured to certify the accuracy of
the information hehas given (ii)Portionofsomeinsurancepoliciesthat contain information
identifying the insured, the general nature of the coverage, and the basis on which the
premium
is computed

Declination:
The refusal by insurer to insure an individual after careful evaluation of the application
for insurance

Deductible:
The amount that the insured must bear at the time of each claim ie insurance company
will pay only excess of deductible.
Franchise deductible: Type of deductible which originated with marine insurance under
which no claim is payable unless it exceeds a stated amount or a stated percentage of
the amount of insurance. For any loss which exceeds that amount or percentage, the
entire amount of the loss is paid.
Percentage-of-loss deductible: Deductible, applicable to each loss, which is expressed
as a specified percentage of each loss, and, therefore, increases as the loss increases.
Percentage-of-value deductible: Deductible, applicable to each loss, which is
expressed as a specified percentage of the total value of the insured property (not just
the amount of insurance) at the time of the loss.

Disability Insurance :
Disability insurance is a form of insurance that pays a monthly income to the insured
when he suffers from total or partial disability. This disability could have been caused
due to either illness or injury, but affects his capacity to work and consequently earn.

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