Personal Accident Insurance

Resumen

Most general insurance answers one question: how much did you actually lose? Personal accident insurance is different. It fixes the payout in advance, before anything has happened, because the things it protects, a life, a hand, an eye, cannot be given a market price. Break your leg on a building site and the cheque does not depend on receipts. It depends on a figure written into the policy the day you signed it.

In this lesson you will learn exactly which accidents a personal accident policy covers and which injuries it quietly excludes, the difference between an individual policy and the group scheme an employer buys for a whole workforce, how the benefit scale turns death, the loss of a limb or a few weeks off work into a stated percentage of the capital sum, and who in the Nigerian market actually buys this cover and why.

Objetivos

  1. Identify the risks covered by a personal accident policy
  2. Describe the forms of personal accident cover, including individual and group policies
  3. State the benefits payable on death, permanent disablement and temporary disablement
  4. Identify the typical buyers of personal accident insurance

Nota de la lección

Musa rides a commercial motorcycle in Kaduna. One wet morning he skids, and a badly broken arm keeps him off the road for two months. He has no employer, no sick pay and no savings, so two months without income is a crisis for his whole household. A fire policy would be useless to him: nothing of his has burned. What Musa needs is a policy that pays out because he was hurt, whether or not any property was lost. That policy is personal accident insurance, and understanding how it pays is the whole of this topic.

Evaluación de la lección

Felicitaciones por completar la lección del Personal Accident Insurance. Ahora que has explorado el conceptos e ideas clave, es hora de poner a prueba tus conocimientos. Esta sección ofrece una variedad de prácticas Preguntas diseñadas para reforzar su comprensión y ayudarle a evaluar su comprensión del material.

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  1. Personal accident insurance is best described as: A. A contract of indemnity B. A benefit policy C. A liability policy D. A property policy Answer: B
  2. Which of the following would a personal accident policy NOT pay for? A. A broken leg from a fall B. Loss of an eye in a road crash C. Time off work due to malaria D. Accidental death Answer: C
  3. Under a typical benefit scale, the loss of one limb is paid at: A. 100 per cent of the capital sum B. 75 per cent of the capital sum C. 50 per cent of the capital sum D. 25 per cent of the capital sum Answer: C
  4. A group personal accident policy is most often arranged by: A. An individual traveller B. An employer for its workforce C. A reinsurer D. A loss adjuster Answer: B
  5. A person holding two separate personal accident policies who is injured in one accident may: A. Claim only from the older policy B. Claim only a rateable share from each C. Claim the full benefit under both policies D. Claim nothing, as this is double insurance Answer: C

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