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What is the difference inbetween Indemnity and Pay on Behalf of in an insurance policy?

What is the difference inbetween Indemnity and Pay on Behalf of in an insurance policy?Indemnity, indemnify (as I understand it) is protection from loss, and to make entire, after a loss has been sustained.

On Behalf of would be the person the sum is being paid for/in your stead/indicating you/in stead of you.

Your insurance company made payment to the injured/bruised property that you were responsible for, thus indemnifying them, on your behalf, (rather than you paying it yourself).

What is the difference inbetween ‘indemnity’ and ‘expense incurred’ long term care insurance?

A “per diem” or “indemnity” long term care insurance policy willpay up to a stationary amount of benefits. An “expense-incurred” long term care insurance policy permits you tochoose the benefit amount when you buy the policy. It reimbursesyou for actual expenses incurred, up to a immobile amount per day, perweek, or per month. Note that no policy will pay unlimited benefits. Response: An indemnity long term care (LTC) insurance pays aspecific daily amount based on your policy, supposed you get anindemnity ltci with benefits amount of $300/daily for a benefitperiod of Trio years, and you require long term care later, let’s sayyour daily ltc expenses is $150, you will still get $300 regardlessof your daily ltc expense, you have the freedom to determine where youare going to spend the excess $150. This is immobile for Trio years,depending on the benefit period you choose. So if after threeyears, you still need care, you will have to pay the cost out ofyour pocket An expense incurred ltci reimburesed you with exact amount for yourcare. Supposed you bought an expense incurred ltci with dailybenefit of $200 for Three years and your daily ltc expenses is $100,you will be reimbursed with $100 and the excess will be kept as asavings so you can extend your benefit period. If after three yearsyou still need long term care, since you saved $100 from yourbenefit amount, the insurance company will cntinue paying for yourexpenses even if you only bought a Three year benefit period policy,until your savings are all spent.

What is the difference inbetween a matured and an unmatured life insurance policy?

Reaction .
Mature. In insurance, a policy matures when its face amount becomes payable. This could occur upon the death of the insured, or in some forms of insurance such as endowments, as of a specified date.

Can an insurance provider drop your daughter from the policy and then request reimbursement for payouts made on her behalf?

Response .
Yes, if she did not have valid coverage at the time the claims were submitted.

If there are two different life insurance policies which insurer pays?

Reaction .
A life insurance policy is a contract. You can have as many as you want. They all have to pay out on the death of the insured.

What is the difference inbetween a policy loan and a partial capitulate of a life insurance policy?

Response .
A policy loan is a loan against your cash value that you would have to pay back and they charge you an interest on the money you took out. The partial give up is taking some of your cash value but it in effect will lower the death benefit. Careful!!

What is the difference inbetween indemnity and warranty?

Response .
The term indemnity normally is used in context to insurance. Indemnity means putting the party in the same financial position before he/she has entered into a contract. In other wordsIndemnity is to make good a loss..
Most insurance contracts are based on the principle of Indemnity. So when you take out an insurance policy the Insurer (ie the Company) will shield you from financial loss if a specified event happens and you fulfill all the laid conditions..

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Warranty is normally used in connection to a product. It is a promise to make something work decently, to maintain its usefulness or spectacle for a period of time. .
The seller is under obligation to repair or provide a replacement if the product / serice doesnot perform as intended..
Indemnity V/s Gurantee .
The term indemnity normally is used in context to insurance. Indemnity means putting the party in the same financial position before he/she has entered into a contract. In other wordsIndemnity is to make good a loss..
Most insurance contracts are based on the principle of Indemnity. So when you take out an insurance policy the Insurer (ie the Company) will shield you from financial loss if a specified event happens and you fulfill all the laid conditions..
Warranty is normally used in connection to a product. It is a promise to make something work decently, to maintain its usefulness or spectacle for a period of time. .
The seller is under obligation to repair or provide a replacement if the product / serice doesnot perform as intended.

What is the difference inbetween compensation and indemnity?

The concept of indemnification denotes an attempt to “make whole” which is actually almost never a real possibility due to a myriad of factors the primary of which is in sentimentally affixed values, these are not real values but rather a perceived value based on emotional attachments. .
Compensation is an as stated. ” Compensation” It is more general and usually represents an agreed amount or an amount legally acceptable or required.

What is professional indemnity insurance?

This insurance provides coverage for individuals who are in occupations that deal with the public ie lawyers, police, architects, contractors, etc. The insurance helps protect them from lawsuits and other claims of negligence or other claims pertaining to liability.

What is the difference inbetween reimbursement and indemnity long term care insurance?

Reimbursement: you pay very first, company pays you after for properexpenses. Indemnity: Company pays very first of decent expenses.Indemnity is always better for the clientReaction: With Indemnity long term care insurance, you getthe total amount of your daily or monthly benefits regardless of thecost of care you receive. Supposed your daily benefit is $300 andyour daily long term care expenses is $175, you still get the fullamount of $300, therefore you can spend the excess money for thingsother than care. Reimbursement long term care insurance on theother arm, the amount of benefits is used exclusively for ong termcare services, in the same situation above, your daily benefit is$300 and your long term care expenses is $175, you only get theexact amount of $175 for ltc expenses, the excess amount which is$125 is kept so your policy can still be used for an extendedperiod of time.

What is the difference inbetween a entire life insurance policy and a Term life insurance policy?

Entire life insurance provides lifetime protection and builds cash value within the policy. As long as you pay your premiums on time, your life insurance remains in effect..
Term life insurance provides improvised protection for a specific number of years, usually 1-30 years. If you outlive your policy, the life insurance coverage expires. Term life insurance is less expensive than entire life insurance in most cases..
Entire Life (WL) is considered “permanent” insurance; that is, it is intended to be kept for one’s entire life..
WL also builds “cash value”, which may be borrowed or used to pay premiums ..
Term (T) is a non-cash value type of coverage, which runs for a term of time e.g. Ten, 20 or 30 years..
At the end of the policy term, the contract terminates, and coverage finishes..
Reaction .
Entire life insurance will cover you for your entire life, or up to the age of 100. Term life will cover you only for a specified term – Ten, 15, 20 or 30 years. Entire life insurance is more expensive than term life insurance. This is because entire life insurance also acts as an investment and will accrue cash value over the years. These can be utilized by the policy proprietor whenever needs arise. In contrast, term life policies do not carry any cash/give up value. If the policy holder survives the term, there are no comebacks on premiums paid, unless it is a ROP term policy. You can learn more about the differences inbetween the two policies at Term vs. Entire Life Insurance.

What is the difference inbetween a named insured and an extra insured on a general liability policy?

Attorneys will often say there is no difference, when it comes to extending coverage for legal liability. However, depending the specific extra form used there might be substanial differences in the portion of the general liabilty policy that is extended to the named insured versus the extra insured. For example, older extra insured forms (CG 2010 11/85) extended coverage to the extra insured for “Products/Finished Operations”. Fresh forms use wording such as “ongoing operations of the named insured” that limit coverage to the extra insured to the “Premise/Operations” portion of the CGL form..
In addition, an extra insured generally has no right to:.
Request policy endorsements or cancellation .
Receive copies of the policy contract, other than the a/i form and a certificate of insurance .
The purpose of an extra insured is to protect the rights of another party that might become legally liable for the deeds of the named insured. For example, a landlord might become entangled in a lawsuit caused by the deeds of his tenant. By naming the landlord as extra insured, the named insured extends coverage, especially defense costs, to the landlord. The tenant’s insurance company would have to defend both the named insured and the extra insured..
Extra insured’s are a common and increasingly significant part of liability insurance. It is significant you make sure your agent is aware of the specific nature of the relationship you have with the extra insured, to ensure the decent additonal insured form is provided. I generally like to review my clients contracts – including leases – to make sure the policy and a/i form are compliant.

The difference inbetween indemnity and traditional health insurance plan?

Indemnity plans do not have to pay the hospital or doctor. Indemnity plans are designed to indemnify either the insured or the provider. That means if you have services that cost 20,000.00 dollars and you opt for the insurance company to pay you they will make the check payable to you. You can then negotiate with the provider for a better deal and keep the difference in cash. You can look at available indemnity plans through American National Health Insurance of TexasThese plans are suggested all over the the USA. If the plan is a good one it is more expensive then regular medical insurance. If it is a limited plan it will be very cheap compared to regular medical insurance.

What is the difference inbetween Indemnity and Pay on Behalf of in an insurance policy?

What is the difference inbetween contract of indemnity and assure?

A contract of guaranty is a collateral undertaking, and presupposes an original contract; while a contract of indemnity is original and independent. In a contract of indemnity, the undertaking is to make good and save harmless the person, with whom the contract is made, upon an obligation of such person to a third person; while, in a contract of guaranty, the obligation is to reaction for the debt, default, or miscarriage of another to the person with whom the contract is made.

What is the difference inbetween a twelve month and a six month car insurance policy?

Approximatly Six months.
This is found by using the delta equation – multiply your x formula and divide by Delta Squared. Add the 8th quadratics rule and divide by F=ma

Difference inbetween Insurance reinstatement and indemnity?

Also known as the Reinstatement Cover and the Indemnity cover, the reinstatement cover means that the insurers will pay to substitute the item with a fresh one which is equal to but not better than the item lost or bruised. This is usually the basis of cover under the Event Assured “all risks” cover, provide the sum insured represent the utter replacement cost. Indemnity basis means that the insurance will only pay for the 2nd forearm value of the item i.e. what you might get if you sold it. This is its market value, not the written down value, nor what it would cost to substitute, and so may be inadequate, particularly if the item is hired and the proprietor wants a replacement.

Do term insurance policies have a dual indemnity clause?

Some do, some do not, You just need to read your policy language or ask your insurance agent what kind of policy you bought.

What is the difference inbetween indemnity and assure?

A guarentee is a general term meaning: A promise or an assurance, especially one given in writing, that attests to the quality or durability of a product or service. Indemnity is a little more specific and mostly refers to insurance, where one party “indemnifies” someone against loss caused by the conduct of the promisor or a third party. An Indeminity & Ensure is a contract to indemnify one party against the consequences of any legal proceedings brought by a third party.

What is prize indemnity insurance?

Prize Indemnity Insurance is a policy taken out against a certain unlikely prize being won. Most commonly it is used for $100,000 half-court shots, hole-in-one games etc.

When does life insurance policy not pay out?

If a person dies in a manner not covered by the policy, there would be no payout.

What are the difference inbetween the Insurance policy and insurance certificate?

The insurance policy is the product you have purchased, it has lots of definitions, clauses and limitations. The insurance certificate is issued to you so that you can prove to a third party (eg the police if it is for auto insurance) that you have a valid insurance policy.

What is the Difference inbetween professional indemnity insurance and professional liability insurance?

The terms professional indemnity (PI) and professional/public liability (PL) differ in that PI covers for errors, omissions and neglect regarding advice, designs or plans that you put forward that lead to a financial loss or injury to your client. PL covers the public against any injury that is caused during the process of your day. For example a builder that accidental drops a brick and it violates a member of the public’s foot – PL kicks in and pays all associated damages.

The difference inbetween indemnity and non-indemnity insurance in insurance law?

When indemnity (often called short-term) insurance contracts are concluded the.
insured is entitled to recover the actual commercial value of what he has lost.
through the happening of the insured event, be such event harm to property,.

fire, theft, public liability or marine insurance..
In non-indemnity insurance the sum which the insured is entitled to receive from.
the insurer does not necessarily bear any relation to the actual loss, if any,.
suffered by the insured. Life insurance contracts, private accident and.
sickness insurance are examples of non-indemnity insurance..
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Difference inbetween contract of indemnity and contract of ensure?

my ans is that ensure is to a set of the trust of some one .

Define the difference inbetween government insurance and private insurance policys?

Let’s see if this stays civil! Private insurance has problems, just as government insurance does. From a care standpoint, private insurance is far better. NO one questions that. The costs are staggeringly different tho’. Under private insurance we see increases in our premiums every year. Under government insurance we see petite increases, by decreasing our coverage. Some excellent examples include dialysis. If your kideny’s fail under some countries government plans, after age 65, you die. Rather then providing you this twice weekly life saving procedure, they refer you to end of life consuling. The private insurance would cover this. The problem here is cost. Strokes are another excellent example. My Uncle, on Medicare spent one month at a rehab center. The bill was over $50K. The center received $6,800 from Medicare and that is all they would get. Private insurance would have paid the entire bill. This would have to lower overall care if the norm. To see government run health care in the USA, just look at any Indian health care facility. Imagine the Motor Vehicle Department providing you the care you need. Every person that points at France as a model should reminisce that they are not a government run health care system They are a two tier system, just like us presently.

What is the difference inbetween damages and indemnity?

In contracts “damages” are what you sustain from a breach of the agreement. Damages are also what third parties could claim for damages to their property or for individual injuries. Indemnities provide you with protection against third party claims for injuries or damages they sustained as a result or deeds by one of the parties to the agreement.

What is the difference inbetween Indemnity and Pay on Behalf of in an insurance policy?

Difference inbetween traditional life insurance and ULIP policy?

Traditional life insurance gives less comeback but ULIP may gives high come back. Traditional life insurance has no risk factor and ULIP has risk factor.

What is the difference inbetween an H3 and H5 Homeowners Insurance Policy?

If I knew the difference of an H3 and H5 I would not be asking the question.

What is the difference inbetween a Named perils insurance policy and an All risk insurance policy?

Standard Homeowners Policy Verses All Risk Policies .
Most Homeowners Insurance Policies are “Named Risk”. They list all the covered perils for which the Insurance company will suggest coverage. So If It is not on the list, It basically is not covered. .
An All Risk Policy is just the opposite. It lists all the perils that are “not” covered, On these policies if it is not on the list, then it “is” covered. .
Reaction .
A named perils policy only covers perils listed in the policy. For example, a named perils policy will usually cover an accidental fire loss at your home because fire is listed as a covered peril. However, lets say you have a water loss at your home when a water line violates. If water loss is not listed as a covered peril under your policy, then you will have to pay for the harm yourself, which can be expensive. For a named peril policy you need to look at the the policy to see what perils are covered. .
On the other forearm, an all risk policy will cover any peril unless its specifically excluded under your policy. An all risk policy provides you more coverage than a named peril policy. For an all risk policy you will look to the Exclusions section of the policy to determine what is not covered. In the water loss example above, unless water losses are specifically excluded under the policy, the loss is covered. .
An all risk policy will cost you more in premiums, but is worth the price.

What if you can not pay on life insurance policy anymore?

Consider a Life Settlement to see if you qualify. Attempt selling it before it lapse. Research Life Settlements.

Difference inbetween indemnity bond and bank gaurntee?

Basing on the credibility of the individual or organization, Banker assures (assurance is no guarentee as per Law ?) and counter signs on their behalf as a 2nd signatory. This is indemnity bond. Banker takes margin money and basing on the thresholds available to the industry, banker issues bank guarentee. In this case, Banker is the very first signatory which is more stronger in terms of payment to the worried. Any comments Please!….chandiprasad

What is the difference inbetween comprehensive insurance policy and third party insurance policy?

The term, “comprehensive coverage” is usually used in the context of auto insurance. It is usually sold along with collision coverage. While collision coverage pays for the repair of collision-related harm or for the total loss of the vehicle if adequate, comprehensive coverage is a little different. It it triggered by occurrences other than collisions, such an vandalism. The precise scope of risks for which comprehensive pays is outlined in the policy. “Third party insurance” is another way of referring to liability coverage. It serves two main purposes: 1. It provides the insured(s) with a defense in claims brought by third parties against the insured(s) resulting from risks contemplated by the policy. Stated otherwise, if a lawsuit is filed, the liability insurer will hire and pay a lawyer, and will pay related court costs, to defend the insured(s). If a claim is asserted, but no lawsuit is filed against the insured, the insurer will attempt to lodge the claim with the other party if the insurer believes that there is fault on the part of the insured and if the claimant sustained compensable damages. Two. It ensures that a party who has sustained legally recognized damages (for example, bodily injuries or property harm) for which the insured is legally responsible, has a source of recovery for those damages. The amount of recovery from the insurer is capped by the amount of liability insurance maintained by the insured.

What are the difference inbetween the marine Insurance policy and insurance certificate?

A Marine Insurance Policy is the actual contract of insurance inbetween the insurer and the insured. Most of these policies are what is being referred to a Open Marine policies which means that the policy covers many shipments under one policy. .
An insurance certificate is issued for a particular shipment that the insured proclaims under the Open policy. The insured does not issue a policy for each individual shipment.

What is the difference inbetween being insured under a policy and being self-insured?

If you have an insurance policy purchased from an insurance company, some or all of the financial losses you incur will be reimbursed by the policy issuer. If you are self-insured you, or the company that is self-insured, is responsible for all financial losses and liability to others. Some self-insured companies are self-insured only for the very first million or Five million dollars, and have bought insurance policies to cover larger losses. Their annual insurance premiums are lower as a result, since the purchased policy is not responsible for those less, and more frequent, losses.

What is the difference inbetween a life insurance policy and a Will?

In its simplest terms, a life insurance policy is a contract whereby an insurer agrees to pay a sum of money to the beneficiaries named in the contract upon the death of the person who’s life is insured. In that sense, it is in reality better called “death insurance”, because at some point, everyone will die. In comeback for the agreement to pay, the person or entity that purchases the life insurance policy pays periodic premiums (sums of money) to the insurer. The premiums can be paid for various periods of time depending upon the terms of the policy. If premiums are not paid, the policy can lapse (terminate), such that upon the insured’s death, nothing is payable. Again, depending upon the kind of insurance involved (term vs. entire life), the policy may become self-supporting, at least for a period of time, after premiums have been paid for a time. In contrast, a Will is a legal document that directs the disposition of the deceased’s property upon his/her death. Since the Will is written prior to death, the property that is addressed is the property that the maker then has. Under ordinary circumstances, the beneficiary(ies) of a Will do not have enforceable legal rights to that property unless the deceased still wields it as of the time of death. Therefore, the deceased, while living, can sell or otherwise transfer the property at any time prior to death. Likewise, under most circumstances, a beneficiary or other term of a Will can be switched/eliminated. This can be done either by a finish re-writing of the Will, or by the prep and execution (formal signing) of an amendment to the original Will, which is called a Codicil.

Does your homeowners insurance policy pay for matching?

The typical claim that involves matching is roofing, siding, flooring, or cabinets. One could have harm to one part of the roof but there are several other roof slopes with no harm. One could have harm to siding on the front of the home but no harm to the back, left, or right side of the home. Most insurance policies you will read state that the insurance company will pay to repair the bruised area. What is the bruised area when talking about a house with harm to siding? Is it just the front side or the front and the left side or all the sides. A lot of insurance companies will say it is just the side that is bruised. Some other insurance companies will say only 1/Four of the front is harm and not even pay to repair the entire front side. The policy usually says repair the bruised area. Each state regulates it’s own insurance. In some states there are specific rules which explain that the insurance company have to pay to match and in some states there are no rules. In some states you can pay a little extra money to get matching coverage if you get a claim where matching can play a large part. In some states there may be a court case about matching which helps establish the way matching issues will be treated. If there are no rules or court cases it is up to your insurance company to make the decision based on what they feel is right and fair. If you disagree you could determine to take to further but sometimes the dollar amounts do not warrant hiring an attorney. The cost of the attorney fee is so much that your could have just used that money and paid for the extra repairs. There is no ensure that your will win a court case. When you talk about matching you have to know if the building materials are still readily available and will match good. The insurance company is usually not required to make a ideal match just a good match. If you have building materials that are sun faded or no longer made you will of course have a hard time to match.

What is the difference inbetween insurance policy renewal and insurance policy remarket?

Insurance policy is a contract in utmost good faith inbetween a customer and a service provider wherein the customer is obliged to pay an agreed premium in lieu of which the service provider e.g. the Insurance Company will cover life and/or movable/immovable properties against unforeseen eventualities. Whereas insurance policy remarket is a different screenplay. In this case, the Insurance Company wish to remarket a policy withdrawn in the past, in fresh form and outlook with fresh features/incentives embedded therein.

When does a life insurance policy pay dual?

When the death is accidental. Meaning not a murder, suicide, etc. More like a car crash where they were not at-fault, a medior falling from the sky… those kinda things. But it could vary for different insurance companies.

What is the difference inbetween Indemnity and Pay on Behalf of in an insurance policy?

What is the meaning of indemnity in regards to insurance policies?

An insurance policy that aims to protect business owners and employees when they are found to be at fault for a specific event such as misjudgment. Typical examples of indemnity insurance include professional insurance policies such as malpractice insurance.

How much do you pay for your insurance policy?

Based on my situation, as a part time driver with my mom, dad, and sister for state farm insurance, I pay around $400 every 6 months for liability insurance.

What are some advantages to paying for professional indemnity insurance?

i indeed have no idea. sorry for this non helpful response, but you should seek professional advice, as this is an significant and long subject to be discussed

Get a quote for professional indemnity Insurance?

Yes, you can contact an insurer of your choice suggesting professional lines coverage to obtain a professional liability insurance quote.

Can you be covered under two different individual umbrella insurance policies and how would they pay?

There is nothing wrong with having more than one insurance policy of any particular type, so long as you are not attempting to seek dual payment, which would be considered felony insurance fraud and comes with lengthy prison sentences. The policy with the broadest scope of coverage would be considered primary or very first position coverage. The secondary policy would not invoke unless the thresholds of the very first policy as well as the underlying policy have been weakened.

What does indemnity mean in car insurance?

It means the purpose who was not at fault will be compensated for the harm the at-fault party caused.

What is the difference inbetween basic and enhanced coverage for a title insurance policy?

There is fairly a bit more of extra coverage when purchasing the enhanced title insurance policy over the basic policy. See Below (There could be State Specific guidelines in addition to the list below) Basic Title Insurance Coverage: .
A third party claims interest in title .
Improperly executed document .
Pre-policy forgery, fraud or duress .
Defective recording of documents .
Undisclosed limitary covenants .
A lien on your title because: .
a security deed .
judgment, tax, special assessment or .
a charge by a home holder’s association .
Unmarketable titleEnhanced Coverage (covers all of the above and these extra Items) .
Mechanics’ liens .
Coerced removal of structure because: .
it encroaches onto another property or an easement .
it violates an existing zoning law* .
of violations of a confinement in Schedule B .
Land cannot be used for a Single Family Dwelling (SFD) because use violates a limitation in Schedule B or a zoning ordinance. .
Unrecorded easements .
Pays rent for substitute land or facilities .
Rights under unrecorded leases .
Plain language .
Building permit violations* .
Compliance with Subdivision Map Act, if any* .
Limitary covenant violations .
Discriminatory covenants .
Covenant disturbance resulting in reversion .
Violations of building setbacks .
Enhanced marketability .
Access – Enhanced vehicular and pedestrian access .
Map, if any, not consistent with legal description .
Post-policy forgery .
Post-policy encroachment .
Post-policy harm from minerals or water extraction .
Post-policy living Trust Coverage for Trustee .
Post-policy living Trust Coverage for Beneficiary .
Post-policy automatic increase in value up to 150% .
Post-policy adverse possession .
Post-policy cloud on title .
Post-policy prescriptive easement .
Boundary walls and fence encroachment* .

Related video:

Insurance coverage forever * Subject to a deductible and maximum indemnity liability, which may be less than the policy amount.

What is the difference inbetween a health insurance plan and a health insurance policy?

There is no difference. These are just two different terms referring to the same thing.

What is the difference inbetween a renewable term life insurance policy and a stationary term insurance policy?

The basic difference inbetween a renewable term insurance policy and a immobile term insurance policy is that in the former case premium is payable as per mode chosen for till particular period, whereas in motionless term insurance policy premium has been paid on single or one time basis for a stationary period. However there is no deviation from the basic principle of entire life policy wherein no amount is paid on maturity, only when any eventuality arises during the policy period, the entire sum assured amount is payable by the Insurance Company to the nominee of the deceased person.

What does it mean when your auto insurance company wants to put your policy under indemnity?

I don’t believe it was explained to you correctly. You most likely received a notice of cancellation from your insurance company and someone in the office told you they were going to put you in their indemnity company. Many direct writer insurance companies have a 2nd company that they either have a entirely different name or it may have a similar name to the main company. Allstate for example has Allstate Insurance Company and Allstate Indemnity Insurance for people who have had too many claims or tickets and no longer fit the preferred companies guidelines.

Where can one find comparisons inbetween different companies health insurance policies?

One can find comparisons inbetween different companies health insurance policies on websites like Cignag local, Geo Blue Travel Insurance or Health Insurance About.

What is the difference inbetween an occurrence and an accident on an auto insurance policy?

In some instances these can be interchangeable but in certain cases they are not. For example, an accident can be an occurrence but a tree falling on a parked vehicle while it is an occurrence, it is not an accident. I hope this helps you.

What is the difference inbetween health insurance policy and Critical illness policy?

A Health Insurance policy is a reimbursement of the medicalexpenses. Well Critical illness insurance is a benefit policy.Under a benefit policy upon the occurrence of an event, theinsurance company pays the policyholder a lump sum amount. Under aCritical Illness policy, if the insured is diagnosed with anycritical illness as specified in the policy.

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