Important Points for IC 27 - Health Insurance Exam
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Health insurance portfolio is new becoming the fastest growing market segment for the non-life insurance industry due to: Increasing awareness among the people about the protective role of health insurance and Improved focus on marketing of health insurance products by the insurers.
Health insurance insures an individual from expenses incurred due to any variation in their health.
Health insurance is different from all other insurances as other than the insurer and insured, it involves a third party, the healthcare provider.
Health insurance is considered as an imperfect market by the economists due to the reasons such as information asymmetry, risk selection and moral hazards.
The out-of-pocket expenditure incurred by people in India on their health is very high as compred to the other countries, which resulted in more and more people opting for health insurance policy nowadays.
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