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What is warranty based travel insurance?

Just wondered if anyone has ever heard of "warranty based insurance"?

We're about to renew our annual travel policy - which covers us for nights away in the UK as well as abroad. But it's so confusing :confused:

Been told that pre-existing medical conditions includes if any of us develop the condition during the next 12 months. So, for example, if we have a stroke or heart condition diagnosed and we have to cancel, we can't claim a refund.

None of us have any known conditions now - but if we get them, thought that's what insurance was for. Its not a particularly cheap policy - is this the same with all insurance for travel?

Should we look elsewhere = or check back to see if the advice given was wrong? It doesn't seem consistent with the policy wording.
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