Understanding My Insurance Policy
By Ingle International
At Ingle, we understand that insurance can be tricky. That's why we've created one simple document to help you better understand your insurance policy. Take a moment to give it a read, and you'll see that insurance is easy with Ingle.
The policy document is the most important part of your insurance package. It provides you with pertinent details about the insurance you have bought. Read your policy document carefully to make sure you understand exactly what is (and isn't) covered. See below to learn what kind of information you will find in each section of your insurance policy:
This section lists services and expenses that are covered under the policy, with a precise explanation of what each benefit means. Some benefits or services have lower coverage limits, or need to be approved by the insurer before you make use of them. Make sure you read this section before requesting any procedure or service so you can ensure it is covered. Anything that is not listed in this section will not be paid for by the insurance company.
This section is extremely important as it provides you with the exact meanings for insurance terms used throughout the policy. Make sure you are reading the words in your policy as they are defined in this section — even if the definition results in a different understanding of a word than is typical. These terms will largely determine how any exclusions or restrictions apply to your situation, and should not be skimmed over.
This section tells you whether or not you are eligible to purchase a particular plan. You may need to be within a certain age range or satisfy certain medical criteria to qualify. For international student plans, you will need to show proof of enrolment in a school.
This section explains which situations would not be covered by the insurance company. Important exclusions to look out for are those related to medical conditions you had prior to purchasing your insurance as well as particular activities (ex: extreme sports) that you may be engaging in. Some exclusions appear in almost every policy (ex: illegal actions or drug abuse), but every policy is different.
Restrictions or Limitations
This section may fall under Exclusions or Terms and Conditions, or it may be separate. It describes the rules or limitations related to benefits received in certain situations. For example, procedures like major surgeries may need to be approved by the insurer first, or you may have to notify the insurance company within 24 to 48 hours of admission to a hospital.
Terms and Conditions
This section provides you with practical information, such as the name of the company that is guaranteeing your coverage (the underwriter), your overall coverage limit, time limits and/or requirements for submitting a claim, and which laws are applicable to the policy.