What is a Mediclaim? Please define and distinguish the Terms used : premium paid, cover, sum insured?
Thanks
Total Comments: 7
Posted: Mon Apr 13, 2009 09:06 am Post Subject:
hey rashi......
The word 'Mediclaim' alone means when u have an medical insurance and u claim for that........also some insurance companies call medical insurance also by the name 'Mediclaim Insurane".....Mediclaim insurance consists of the reimbursement of hospitalisation and/or domiciliary hospitalisation expenses for any illness/diseases or injury, sustained by the insured individual.
Premium paid : when u take an insurance policy ...theres a perticular sum of money u have pay to the insurer....monthly or yearly.....so after taking the insurance policy at any point of time whatever sum of money u have given to the insurer is called ' Premium Pain'
Cover : an insurance policy covers something for example an auto insurance policy covers automobiles.......a life insurance policy covers life of an individual........
Every insurance policy provides some coverages....."coverage' is nothing but the scope of protection provided under an insurance policy which difines the level of cover .
INsured is the one who takes the policy
i hope u understand what i explained
thanks
Posted: Mon Apr 13, 2009 09:51 am Post Subject:
OP, Super agent has explained the terms already. However, the term sum insured applies to the amount that the insurer has promised to pay at the event of claim. And, in order to enjoy the coverage the amount that you have promised to pay regularly is the premium. Hope it clarifies.
Thanks,
Rupert
Posted: Mon Apr 13, 2009 10:50 am Post Subject:
Hi Rashi,
Every insurance policy provides some coverages....."coverage' is nothing but the scope of protection provided under an insurance policy which difines the level of cover.
Coverage also includes all the clauses of the policy. It thus counts upon all the benefits as well as the exclusions associated with the benefits.
Steven
Posted: Mon Apr 13, 2009 12:13 pm Post Subject:
thanks rupert to boalster my explaination
Posted: Tue Apr 14, 2009 03:53 am Post Subject:
Thank you so much Super agent, Rupert and Steven.
Well, one more query regarding the same. I wanted to know whether there is any term used in medical insurance to ascertain profitability in terms of - premium paid v/s claims received ?
Posted: Tue Apr 14, 2009 07:21 am Post Subject:
Hi,
I don't think you're pointing at the 'guaranteed returns'. Then, I may only say that the profitability is calculated upon deducting the direct expenses from the net revenues which is often termed as the 'contribution margin'.
Steven
Posted: Tue Jul 21, 2009 07:56 am Post Subject: ZZKBnFahjBHI
Posted: Mon Apr 13, 2009 09:06 am Post Subject:
hey rashi......
The word 'Mediclaim' alone means when u have an medical insurance and u claim for that........also some insurance companies call medical insurance also by the name 'Mediclaim Insurane".....Mediclaim insurance consists of the reimbursement of hospitalisation and/or domiciliary hospitalisation expenses for any illness/diseases or injury, sustained by the insured individual.
Premium paid : when u take an insurance policy ...theres a perticular sum of money u have pay to the insurer....monthly or yearly.....so after taking the insurance policy at any point of time whatever sum of money u have given to the insurer is called ' Premium Pain'
Cover : an insurance policy covers something for example an auto insurance policy covers automobiles.......a life insurance policy covers life of an individual........
Every insurance policy provides some coverages....."coverage' is nothing but the scope of protection provided under an insurance policy which difines the level of cover .
INsured is the one who takes the policy
i hope u understand what i explained
thanks
Posted: Mon Apr 13, 2009 09:51 am Post Subject:
OP, Super agent has explained the terms already. However, the term sum insured applies to the amount that the insurer has promised to pay at the event of claim. And, in order to enjoy the coverage the amount that you have promised to pay regularly is the premium. Hope it clarifies.
Thanks,
Rupert
Posted: Mon Apr 13, 2009 10:50 am Post Subject:
Hi Rashi,
Every insurance policy provides some coverages....."coverage' is nothing but the scope of protection provided under an insurance policy which difines the level of cover.
Coverage also includes all the clauses of the policy. It thus counts upon all the benefits as well as the exclusions associated with the benefits.
Steven
Posted: Mon Apr 13, 2009 12:13 pm Post Subject:
thanks rupert to boalster my explaination
Posted: Tue Apr 14, 2009 03:53 am Post Subject:
Thank you so much Super agent, Rupert and Steven.
Well, one more query regarding the same. I wanted to know whether there is any term used in medical insurance to ascertain profitability in terms of - premium paid v/s claims received ?
Posted: Tue Apr 14, 2009 07:21 am Post Subject:
Hi,
I don't think you're pointing at the 'guaranteed returns'. Then, I may only say that the profitability is calculated upon deducting the direct expenses from the net revenues which is often termed as the 'contribution margin'.
Steven
Posted: Tue Jul 21, 2009 07:56 am Post Subject: ZZKBnFahjBHI
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