Types of Life and Health Insurance Policies

Abstract

This chapter aims to give a brief explanation of the various types of policy encountered in life and health underwriting. In this context ‘health insurance’ generally means a policy designed to provide an income or a lump sum in the event of inability to work, or perhaps on diagnosis of a serious, potentially life-threatening illness. Policies whose purpose is to meet the specific costs of healthcare, be that primary care or health maintenance, or hospital treatment or other specialist care by an attending or consultant physician, are referred to as ‘medical insurance’. Underwriting medical insurance is a specialism usually distinct from the skills applied to assessing other life and health risks and is therefore outside the prime focus of this book.