Page 8 - Ebook health insurance IC27
P. 8
The Insurance Times
sense, it would be any arrangement that helps to defer, delay,reduce or altogether
avoid payment for health care incurred by individuals and households. - World
Health Organisation
A policy that will pay specified sums for medical expenses or treatments. Health
policies can offer many options and vary in their approaches to coverage. -
Entrepreneur.com
The term health insurance (popularly known as Medical Insurance or Mediclaim)
is a type of insurance that covers your medical expenses. A health insurance
policy is a contract between an insurer and an individual /group in which the
insurer agrees to provide specified health insurance cover at a particular
premium. - GICCouncil
Features of health insurance
The insurer agrees to indemnify.
the insured in respect of all medical expenses he incurs for treatment
as per terms and conditions specified in the policy
on payment of a small contribution known as premium
unlike other forms of insurance in health insurance there is a third party health care
provider ie hospitals without which health insurance has no meaning
since chances of moral hazard is very high in health insurance lot of emphasis is
given on the exclusions and pre-existing diseases of the policyholder
Why health insurance is regarded as an imperfect market?
Economists often describe health insurance as an imperfect market. To
1 2 Guide for Health Insurance
