Important Points for IC 27 - Health Insurance Exam
Page 12 Of 27
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Webster dictionary defines contract as "a binding agreement between two or more persons or parties; especially: one legally enforceable".
Deductible is a cost sharing mechanism. A deductible is the initial amount of an admissible claim which must be first borne by the insured, before the insurer starts paying for the claim.
Health insurance policy is a contract between the insurer and the insured.
Insurance contracts are based on the principle of utmost good faith whereas all other contracts are generally based on the principle of caveat emptor.
The proposal form of any health insurance is divided mainly into two parts: details of the applicant and self-declaration of health status by the applicant.
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