Glossary Of Terms
Chronic Condition - A condition which current medical science can alleviate but not cure such as Eczema or Arthritis.
Critical Illness Benefit - A benefit payable to a policy holder upon diagnosis of a critical illness such as cancer, heart attack, stroke or multiple sclerosis. It should be noted that medical "treatment" for such critical illnesses is usually covered by PMI Plans. A Critical Illness Benefit is an additional financial benefit, often a lump sum, paid on diagnosis of such critical illness.
Critical Illness Plans - Such plans are geared to ease the long term financial burden and life style changes which may be necessary when a policy holder suffers a permanent chronic or long term critical illness or dismemberment, or loss of sight, hearing or movement. Policies may offer lump sums, combined to an income for life plus a death benefit too.
CPME(underwriting) - Refers to the medical underwriting of
a Plan. Continuing Personal Medical Exclusions.
The term applies to situations when a change of insurer or
change in policy is under consideration (also called a 'no
worse terms switch facility'). Members are covered with an
insurer using the current medical underwriting status. This
is sometimes called Continued Personal Medical Exclusions
(CPME) or simply CME. This switching facility is mostly applied
to Groups and not individual Plans or families.
Deferred Period - This is the period of time which must pass, before benefit is paid, after an illness or injury has been diagnosed and reported to the Insurer.
Income Protection Plans - Such plans refer to the income you may presently earn and are geared to protect up to 75% of your gross annual earnings. Payment of monthly benefit on such Plans is almost invariably deferred for periods of 4,13,26 or even 52 weeks with corresponding lowering of premium rates, the longer the deferral period.
Medibroker Limited - Online independent healthcare insurance advisory brokerage service, offering clients who visit their websites free quotes and advice concerning both PMI and PHI Policies and Plans, whether in the United Kingdom or Overseas.
Medical Inflation - Many clients of PMI and PHI policies are concerned as to rising premiums over time and age bands. Generally, the ever increasing costs of medical technology and hospital/medical costs are passed down to the clients in higher premiums. Claims appear also to be on the increase as the NHS is unable to cope in many instances with patient needs. Present medical inflation therefore is usually 3-5% above UK inflation making premium rises of 8-10% per annum a norm.
Moratorium - This is an alternative method of dealing with pre-existing conditions which removes the need to disclose evidence of your medical history. In effect it is a blanket pre-existing condition clause usually going back between 2-5 years from starting a new Plan. The clause excludes cover during an initial period, usually two years, of membership, for any conditions or related conditions for which medical treatment was received, advised on or was known about during a time period, (up to five years) prior to cover commencing. After completing the initial period of two years, all pre-existing conditions then become eligible for benefit, PROVIDED that at the time of receiving treatment the member has been free from either treatment or advice for that condition during that period.
Pre Existing Conditions - Any disease, illness or injury which began before the Policy inception date.
Voluntary Excess or Deductible - A set amount of money, agreed in your Plan, which you agree to pay towards the cost of your claim. This may be applicable on each and every claim, or may be payable on the first claim over a given period of insurance. An excess or deductible (not standard excess) will usually result in a lowering of your premiums.
Waiver Of Premium - Often when illness strikes, money is short and a waiver of premium is used to continue the life of the Plan during illness periods so that the term of the Plan is not broken. The Insurer therefore pays the premium during this period of illness or when you are claiming benefit, by a waiver of the monthly premium charge.
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