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Dump the critical illness?
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pedro123456 wrote: »OshayAway, yes it is only one example, but I will say it again, definition by the IC for the IC, this definition takes all medical definitions and lumps them all together, and how that is a positive/fairer/clearer move baffles me.
No doubt most if not all the other definitions will be the same, unless you of course can tell us otherwise.
I don't think you understand the point, which I find strange because it's not a difficult concept.
The various definitions are precise, clear and definitive. That is with the exception of TPD which is quite rightly being reviewed (but the term total permanent disability not changed as at first was planned). It is involved though, but how could it be any other way? Clauses and exclusions need to be in print and available, which they are.
Gladly, industry wide, claim rates are very high and rising every year (90%+ for 2009).
Perhaps another more simple example will demonstrate the variations better. Loss of limb is a critical illness included in most, if not all plans. The minimum 'model' ABI definition states that this can apply to the loss of two limbs only. However, four insurers will meet a claim for severance of one limb. This presents a markedly different claim potential because statistically loss of one limb is 19 times more probable than the loss of two. Not only that, at least one insurer covers loss of a hand or foot rather than arms and legs.
Other examples of ABI+ conditions include (but are not limited to) Coma, HIV, Heart Valve replacement / repair, coronary artery by-pass grafts, aorta graft surgery, benign brain tumour... and more besides.
The pertinent point is that there is a specified severity to consider.
Does that help?0 -
New ABI Best Practice statement, CI guide and new TPD definitions out today;-
http://www.moneymarketing.co.uk/Journals/3/Files/2011/2/21/ABI%20statement%20of%20best%20practice.pdfI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Do you get the specified severity concept yet Pedro?0
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yep I get it OshayAway :kisses2:
The definition of a heart attack has to have Insurance Company bells on, just like all the other definitions :rotfl::rotfl::rotfl:
ps Ive no idea what a concept means
Campaigning to recycle Insurance Policies into Toilet Paper :rotfl:
Z0
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