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Personal Accident Insurance Policy - General insurance product, Principles of Insurance Video Lecture | Principles of Insurance - B Com

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FAQs on Personal Accident Insurance Policy - General insurance product, Principles of Insurance Video Lecture - Principles of Insurance - B Com

1. What is personal accident insurance?
Ans. Personal accident insurance is a type of general insurance product that provides coverage in case of accidental bodily injury, disability, or death. This insurance policy offers financial protection to the policyholder or their beneficiaries by providing a lump sum or periodic payments.
2. What does a personal accident insurance policy cover?
Ans. A personal accident insurance policy typically covers accidental death, permanent total disability, permanent partial disability, temporary total disability, and medical expenses related to accidental injuries. It may also include coverage for ambulance charges, hospitalization costs, and funeral expenses.
3. How does personal accident insurance differ from health insurance?
Ans. Personal accident insurance differs from health insurance in terms of coverage. While health insurance covers a wide range of medical expenses, including illnesses and non-accidental injuries, personal accident insurance specifically focuses on accidental injuries and their consequences. It provides financial support for disability or death resulting from accidents.
4. Can I buy personal accident insurance for my family members?
Ans. Yes, you can buy personal accident insurance policies for your family members. Many insurance companies offer family floater options where you can include your spouse, children, and sometimes even parents under a single policy. Each family member will be eligible for coverage based on the policy terms and conditions.
5. Are there any exclusions in personal accident insurance policies?
Ans. Yes, personal accident insurance policies have certain exclusions. Common exclusions include pre-existing disabilities or conditions, injuries resulting from self-inflicted harm or suicide attempts, injuries caused by participating in hazardous activities, and injuries occurring due to war or acts of terrorism. It is essential to carefully read the policy terms and conditions to understand all the exclusions.
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