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Health insurance and how it works

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  1. Introduction
  2. A study of health insurance
    1. Origin
  3. A brief history of insurance sector in India
  4. Opening up of the insurance sector
  5. Purpose of a health insurance
  6. Health care scenario
    1. The current scenario of health care
  7. Types of health insurance
  8. What is Mediclaim?
    1. Conditions applicable to the Mediclaim policy
  9. Health insurance in rural sector
  10. A global comparison of health insurance
  11. Case study
  12. FAQs
  13. Conclusion

Insurance is vital to a free enterprise economy. It protects society from the consequences of financial loss from death, accidents, sicknesses, damage to property, and injury caused to others. The person seeking to transfer risk, the insured ( policyholder ), pays a relatively small amount, the premium , to an insurance company, the insurer , which issues an insurance policy in which the insurer agrees to reimburse the insured for any losses covered by the policy. Insurance is the process of spreading the risk of economic loss among as many as possible subject to the same kind of risk and is based on the laws of probability (chance of a given outcome happening) and large numbers (enables the laws of probability to work).There are many perils (causes of loss) that society faces, some natural (e.g., earthquakes, hurricanes, tornadoes, flood, drought), some human (e.g., arson, theft, fraud, vandalism, contamination, pollution, terrorism), and some economic(e.g., expropriation, inflation, obsolescence, depressions/recessions). Insurers are able to provide coverage for virtually any predictable loss.

Any risk that can be quantified probably has a type of insurance to protect it. Among the different types of insurance are:

Automobile insurance, Aviation insurance, Casualty insurance, Credit insurance, Health insurance, Liability insurance, Total permanent disability insurance, Marine Insurance, Pet Insurance, Property insurance, Travel insurance.

Whilst it might seem complicated, the basic principles of insurance are straightforward. Insurance companies assess the risk of any eventuality and the potential downside associated with it. Then based on past experience and their own expertise insurance companies calculate the premium that a customer needs to pay to provide cover against injury or loss. When the insured event happens, the company pays out the agreed level of claim.

[...] The main features of Online Insurance are: Do It Yourself architecture Fast, convenient and easy Buy / renew policies 247 access to all your policy details Regular premium renewal reminders Single view of all insurance policies held by an individual Online Manager: A tool to manage your entire insurance portfolio Instant issuance of digitally signed policies Most advanced technology and state-of-the art infrastructure Online claim intimation and status-tracking Bancassurance Bancassurance channel has been successfully deployed internationally to distribute insurance products. [...]

[...] It's a precursor to the formal transition to a third-party administrator regime, which provides hassle-free health insurance and also standardizes medical diagnostic procedures and hospitalization expenses. With sky rocketing prices of medical expenses, medical insurance plays an important role in today's world. It is the buffer against medical emergencies. Medical insurance is gaining such a high trend that policies are out even for infants. And are they selling? With the hype that is created all medical insurance policies have a hungry market. [...]

[...] Health insurance can improve access to good quality health care only if it is able to provide for health care institutions with adequate facilities and skilled personnel at affordable cost. Given this scenario, the challenge, then, for policy-makers is to find ways to improve upon the existing situation in the health sector and to make equitable, affordable and quality health care accessible to the population, especially the poor and the vulnerable sections of the society. It is in a way inevitable that the state reforms its public health delivery system and explores other social security options like health insurance. [...]

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