LIMITED BENEFIT PLANS
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Limited Benefit Plans
Provide limited Benefits for
- Accidental Injuries
- A specific Disease
Minimum Standards DO NO
T apply to limited benefit policies
Accidental Death and Dismemberment
- Limited coverage policy
- Only pays in the even of loss by an accident
- Can be sold as "stand alone" bust are usually added to other policies as a rider
Accidental Death and Dismemberment Cont..
Lump Sum Payment
- Death must occur within 90 days of the accident
- Lost of two(2) "primary parts" arm, leg, hand, or foot
- Loss of Speech
- Loss of Eyesight
- Loss of Hearing
lump sum payment
- Loss of 1 primanry part
- Loss of hearing in one ear
- Loss of sight in one eye
- Usually hald the amount of the principal sum
- self-inflicted injuries
- criminal activities
Blanket Accidental Death & Dismemberment
- Provides a single amount of insurance on a group of people
- Does not list the names of the insureds
ex: SUMMER CAMPS
Specific Disease (aka Critical Illness Insurance)
Limited coverage that pays only for specifically named diseases such as a cancer or heart.
Exclusions: EVERYTHING ELSE
Hospital Confinement Indemnity Coverage
Pays specific daily benefit amount while the insured is confined to the hospital.
- Benefits paid on a daily benefit amount
- Paid directly to the insured
- Benefits are in addition to the medical expense insurance coverage
- Office visits would not be covered
- Coverage does not replace medical expense insurance.
- Helps pay for the deductible, coinsurance or other out-of-pocket expenses such as meals, hotel, and other travel expenses
Does not have a Deductible
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