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Accident insurance |
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Accident insuranceInsurance which pays benefits in the event of an accident. Items typically covered are medical expenses and loss of earnings. If, for example, the insured sustains the loss of a limb or an eye, a specified lump sum is payable.Similar MatchesAccident, Sickness and Unemployment insuranceAccident, Sickness and Unemployment insuranceIncome protection incorporating cover for loss of earnings arising from accident, sickness or unemployment. Usually paid out in the form of a monthly tax-free income to cover a portion of lost earnings and restricted to two years from the date of the first payment. Annual renewable term insuranceAnnual renewable term insuranceSee: Term insurance. ReinsuranceReinsuranceThe mitigation of all or some of an insurance risk by an insurer by transferring to another insurer in return for the payment or part payment of premiums. Straight term insurance policyStraight term insurance policyTerm life insurance policy providing a fixed-amount death benefit over a certain number of years. Permanent health insurance (PHI)Permanent health insurance (PHI)In return for regular premiums, PHI provides an income in the event of the policy holder contracting a long term illness or injury. There is no payment on death.Benefits are paid usually after a waiting period of several months or even a year known as the deferment period. During the deferment period the employer will often pay the employee's salary.The benefit payable will normally be no greater than 75% of earnings in the year preceding the disability and usually continue to retirement age. This is to encourage people to return to work in the event of partial or full recovery.If a claim becomes payable, the policy holder will receive payment free of tax during the year the disability occurs. This also applies for the subsequent tax year (6th April to 5th April). Further SuggestionsKeyman InsuranceGuaranteed insurance contract insurance premium Interest sensitive insurance policy buildings insurance deposit insurance Homeowners insurance policy insurance policy household insurance convertible term insurance Title insurance indemnity insurance Insurance broker level term insurance contents insurance Stock insurance company War Risk Insurance keyman / keywoman insurance Export credit insurance Federal Deposit Insurance Corporation homeowners insurance Insurance premium Bank Insurance Fund (BIF) single premium life insurance Federal Deposit Insurance Corporation (FDIC) |
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