Archive for Accident & Sickness (Ad&D)
Business Travel Accident
This is travel protection insurance for business executives, and employees. Full- and part-time employees and volunteers who work for nonprofit groups can also be covered. The three classes of coverage available are (1) travel in both the United States and overseas; (2) travel within North America, including the United States, Canada, Mexico, and the Caribbean; and (3) errands and minimal travel within the United States. All plans cover accidental death and dismemberment, emergency evacuation, and repatriation of remains. Most plans also include emergency medical assistance coverage.
Celebrity or Spokesperson Death, Disability or Disgrace
Marketing promoters can purchase insurance coverage that protects them from financial losses when a celebrity or a spokesperson dies, becomes disabled, or falls out of the public’s favor because of certain activities that result in his or her disgrace. Well-publicized problems with a number of sports figures, actors, and other celebrities highlight the need for such coverage. It covers net loss of production costs that cannot be recovered, certain contractual obligations, and expenses incurred to revise a promotional campaign that features the same product due to loss that this policy covers. Because coverage is non-standard, the definition of disgrace varies based on the carrier. High limits are available.
Excess Medical Stop Loss Coverage – Self-Insured Risks
Stop loss insurance for self-funded employee benefit plans varies with the size of the insured group and the individual client’s plan requirements. The package of benefits can include aggregate and specific stop loss insurance, medical conversion for terminating employees, group life, accidental death and dismemberment (AD&D), and a fully insured short-term disability plan.
Firefighters Accident, Death and Disability Coverage
Firefighters face hazards and exposures that require special accident and health policies. Policies are available that compensate for accidental death, dismemberment, permanent disability, and certain specified diseases. Members of fire departments who respond to fire alarms or perform other firefighting duties are usually eligible for these coverages. Some insurers offer premium discounts for associations of fire departments. First-aid units or rescue squads that are part of the fire department may also be eligible for firefighters insurance benefits.
Global Medical Insurance
Accident/medical/sickness coverage for diplomats and world travelers can be purchased by foreign nationals visiting the U.S. and U.S. citizens who travel abroad. It is long-term coverage for individuals who do not have adequate coverage from an insurer in their home country. Several different accident and sickness plans are available. Each has its own deductible and coinsurance conditions. Each automatically includes provisions for emergency medical evacuation, return of bodies, emergency family reunions, and local ambulance expenses. AD&D benefits are also available, as are optional coverages for hazardous sports such as skiing, scuba and sky diving, motorcycle/motorbike racing, and bungee jumping.
High Limit Disability
Corporate executives and professionals earn income that greatly exceeds the maximum disability benefits that traditional carriers provide. This coverage solves this shortfall with limits sufficiently high to provide the income protection these individuals require. Coverage can be provided as either a top-up limit in excess of an existing long-term disability product or as a separate coverage form for the entire limit. The coverage provided can be based on either an “own occupation” or an “any occupation” definition of disability.
There are health care options beyond the borders of the United States. Individuals who travel abroad for medical treatment have some very specific accident and disability insurance needs. Most of them use facilitators to arrange and handle the many details related to travel, health care facilities, recovery, and any needed rehabilitation. These facilitators need liability coverage if their negligence in providing the promised services results in bodily injury, property damage, or personal or advertising injury. This is an evolving marketplace and new coverages are constantly being created as hazards are identified.
Race Car Drivers (AD&D Coverage)
Race car drivers are in a very hazardous business. This coverage provides accident and health coverage for them. The insurance companies most likely to write this coverage are the same markets that write similar coverage or programs for other professional athletes. Agencies that specialize in motor sports coverage dominate the field for participant medical coverage for the major auto and motorcycle racing associations. Most programs are national in scope and include all types of drivers. Disability limits vary from company to company.
Special Risks Accident Insurance
Special risks accident insurance provides Accidental Death and Disability (AD&D) coverage and medical expenses for unusual risks. Examples include accident coverage for race drivers at famous races; income protection if a top motion picture and/or Broadway star is injured; AD&D and blanket medical reimbursement coverage on astronauts or officers and crew-members on nuclear submarines; special accident policies on professional sports teams and special sports celebrities; and hunters AD&D coverages. In addition, many short-term events and spectacular projects are insured, such as a team of mountain climbers ascending a famous mountain or a trip by a team of geologists into uncharted wilds of South America to survey ore deposits. Rates are determined by using a combination of judgment factors and any studies or information available.
Student Accident Insurance
Student accident and youth group accident coverages are written by certain insurers that specialize in such insurance or that have independent divisions that can handle a large number of policies with small premiums. Student accident insurance is usually arranged through schools and colleges under a group coverage approach with coverage for each student being voluntary. Coverage is written for blanket accident medical reimbursement, accidental loss of life, and accidental dismemberment or loss of sight. Two different plans are usually available: A limited plan and an annual 24-hour comprehensive plan. These plans may cover one or more of the following circumstances: while engaged in school activities during the nine-month school year; on school premises while attending classes; during lunch and recess and while participating in school-related after-class activities; while traveling between the student’s residence and school; while traveling with other students in a supervised group to and from school-sponsored activities; or while participating in school-sponsored and supervised athletics. Limitations may apply, such as participation in defined hazardous sports such as football, soccer, hockey, or lacrosse. Athletic teams may purchase special sports activity policies and youth groups can purchase accident insurance for these activities, separating them from regular school activities, even though the school may sponsor them.
Team Sports Medical Accident Coverage
This group coverage involves medical accident expense and accidental death and dismemberment (AD&D) insurance for youth and young adult teams sponsored by youth organizations, churches, recreation clubs, or businesses. Baseball, softball, soccer, basketball, hockey, or just about any team sport can be covered. The attachment point for coverage varies by program. It may be primary, excess, or participate with the individualâ€™s other coverage.
Truckers Occupational Accident/Workers Compensation
This coverage is sold through trucking companies and covers the owners/operators who contract with them. The trucking company passes the premiums on to the insured truckers. Certain states require that trucking companies provide workers compensation for their contracted drivers and the carriers that provide the occupational accident coverage may provide that mandatory coverage.
War Risk Accident Insurance
This is travel insurance for persons who work or travel in war risk areas. It may be purchased by a single individual or by a group. It covers accidental death, dismemberment, or disability to civilians who work or travel in areas of the world that are in (or at risk of) conflict. Businesses that send representatives to combat areas or countries adjacent to combat areas especially need this coverage.
Youth Sports Programsâ€“Accidental Death and Disability
Many different organizations, such as the Boy Scouts, Girl Scouts, CYO organizations, Little League, churches, Boys and Girls Clubs, PAL clubs, and schools sponsor youth sports activities. Most liability coverage forms and policies written on such organizations exclude bodily injury to the sports participants. Special group policies partially fill this gap by covering accidental death, disfigurement, disability, and medical coverage for injured youth. Coverage is written on a group basis based on a premium charge for each participant.