Burglary, Cattle, Motor and Health Insurance

Business Studies

definition

Health Insurance

  • Health Insurance is a safeguard against rising medical costs.
  • A health insurance policy is a contract between an insurer and an individual or group, in which the insurer agrees to provide specified health insurance at an agreed-upon price (the premium).
  • Depending upon the policy, premium may be payable either in a lump sum or in installments.
  • Health insurance usually provides either direct payment or reimbursement for expenses associated with illness and injuries.
  • The cost and range of protection provided by health insurance depends on the provider and the policy purchased.
  • In India, presently the health insurance exists primarily in the form of Mediclaim policy offered to an individual or to any¬†group, association or corporate bodies.