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UNIVERSITY OF DHAKA DEPARTMENT OF MANAGEMENT STUDIES

REPORT ON PERSONAL ACCIDENT INSURANCE

DATED: 4th April, 2012

SUBMITTED TO
Mr. Md. Mosharraf Hossain Associate Professor Department of Management Studies University of Dhaka

SUBMITTED BY
Group no 5 16th batch, Section: A Department of Management Studies University of Dhaka

Group no. 5

Members include:

Name Jubayer-Al-Mamun Md. Sumsul Arifin Amor Adhikari Nazia Tabassum Pranti Sarker Md. Mozammel Hoque Debashish Das Mirsadul Abrar Afjal Hosen

Roll No 41 42 44 45 46 47 48 49 50

Letter of Transmittal
4th April, 2012 Mr. Md. Mosharraf Hossain Associate Professor Department of Management Studies University of Dhaka Subject: Submission of the report on Personal Accident Insurance

Dear Sir, In this report, Personal Accident Insurance, we have tried to implement our learning of theoretical knowledge in the practical field with due sincerity and would like to thank you for giving us the opportunity to have the chance to work on this report. Despite many limitations we have tried our level best to address the major and in depth issues in making this paper accurate and reliable. If you have any further enquiry concerning any additional information we would be very pleased to clarify that. We, therefore, hope that you will be kind enough to accept this report as a complimentary part of our study.

Thanking you. Group No. 5

Acknowledgement

This is high time for us to convey our deepest gratitude and sincere submission to the Almighty ALLAH for giving us the opportunity to accomplish such a huge task of preparing this report. We convey our heartfelt thanks to our honorable teacher Md. Mosharraf Hossain for his careful suggestion and enthusiasm bringing words at every time during the preparation of report. We like to thanks all the officials of KARNOPHULI INSURANCE Co. and AGRONI INSURANCE Co. for helping us in collecting data regarding personal accident insurance. From its first inception to its final completion, we have to take the assistance of various reference books including INSURANCE PRINCIPLES AND PRACTICE by M.N, MISHRA & S.B. MISHRA and RISK AND INSURANCE by AZIZUL HUQ CHAUDHURI. We have so far given our best effort to prepare and represent the report according to instruction of my honorable teacher. We hope our endeavor will be beneficial to the audience and urge for exonerate eye for any mistake or error found in the report.

Executive Summary

Personal accident insurance is one of the popular classes of accident insurance and as a supplement to life insurance; it provides an ideal protection against death or disability. This is a contractual agreement between an insurance provider and policy holder. The insurance provider agrees to pay the policy holder a monthly income should they be unable to continue working due to an accident. In return for this, the policy holder will pay the insurance provider a monthly premium. Personal accident policy provides for specific benefit of insured person suffering injury, resulting in death or disablement arising solely and directing from an accident caused by violent external and visible means. There are different types of personal accident insurance such as Business Travel Accident Insurance, household member personal accident insurance, personal accident insurance for members of sports organization etc. there are some cases an injured person will not be entitled to get benefit from the insurer if accident death or disablement arising from war & kindred risk, riot, strike and civil commotion or international selfinjury. In different cases rate of claim will be different.

Objective of the study

The main objective of the study was to gather practical and details about personal accident insurance. 1. To assess practices regarding personal accident insurance. 2. To identify the importance of personal accident insurance in Bangladesh. 3. To identify the area covered by personal accident insurance in Bangladesh. 4. To identify the conditions of personal accident insurance.

Scope of the study

This report consists of our study and exploration on the topic of personal accident insurance in Bangladesh. It has been prepared through extensive study and hard work. While preparing this report, we had the great opportunity to have an in depth knowledge about personal accident insurance.

Methodology of the study

This study is based on information available about the insurance companies we have visited. Data Sources The sources of data evolving in this report are as follows Primary Sources: Conversation with the Insurance officers and staff. Personal observation. Informal conversation with clients. Different journal, register, and brochures maintained by the companies.

Secondary Sources: Annual report of these insurance companies. Website of these companies. Unpublished data

Methods of data collection: There is various method of data collection which are relevant to this study. The method used for in this report was as follows: Interview Method: To collect information direct interview was taken from the officials of Marketing Department regarding personal accident insurance.

Questioner Method: To collect information we have used questioner method in collecting data from the clients of these companies.

Limitation of the study

To prepare a report on the personal accident insurance in Bangladesh is not an easy task. In preparing this report some problems and limitation have encountered which are as follows: The main constraint of the study was insufficiency of information, which was required for the study. The data of Karnophuli Insurance Co & Agroni Insurance Co are not in an organized way thats why its difficult to provide all information. Due to time limitation many of the aspects could not be discussed in the present report.

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Table of contents
TOPIC PAGE NUMBER

Introduction Company overview Definition Feature of personal accident insurance Coverage Types of Personal Accident Insurance Types of Policy Conditions Exceptions Classifications of Occupations Rate of Claim Exclusions and Limitations What Should I Expect Conclusion Bibliography

11 11 12 12-13 14 14-18 18-19 19-21 21-22 22 23-24 24 25-26 26 27

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Introduction:
Personal accident insurance is one of the popular classes of accident insurance and as a supplement to life insurance; it provides an ideal protection against death or disability. Though the majority of the insurance policies still issued are not to individuals, it has found favor with employers who offer personal accident insurance benefits as a part of the service to their employees. Due to rapid industrialization, and more and more use of complex machinery, industrial accidents are more frequent. To cater to the varying and increasing needs, different forms of cover are available. Individuals are granted this cover under an individual personal accident insurance policy. For a group of individuals, the insurance companies have devised group personal accident insurance policies. Personal accident insurance provides you with protection from injuries sustained in an auto collision or as a pedestrian struck by a vehicle. It also provides protection when you are a paying passenger on an airline flight or common carrier, such as a taxi or bus. Every year numerous number of road accident occurs in Bangladesh. To protect you and your family member from such type of risk it is important. If you or your family member fall victim of these accidents, this insurance will provide financial help.

Organization Overview
Agrani Insurance Company Limited engages in the non life insurance business in Bangladesh. It offers fire insurance for allied perils, industrial all risks, consequential loss, dwelling and house contents, and hotel combined; marine cargo and marine hull insurance; engineering insurance for machinery breakdown, deterioration of stock, boiler and pressure vessel, electronic equipment, erection all risks, and contractors all risks; and motor insurances for commercial and private vehicles, and motor cycles/scooters. The company also provides miscellaneous/accident insurance products, including burglary and house breaking, cash in safe, cash in transit, cash on counter, people personal accident, workmens compensation, business interruption, overseas med claim and holiday, fidelity guarantee, health, personal accident, travel, public liability, and professional liability insurance. It operates through 28 branches. The company was founded in 2000 and is based in Dhaka, Bangladesh.

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Definition:
This is a contractual agreement between an insurance provider and policy holder. The insurance provider agrees to pay the policy holder a monthly income should they be unable to continue working due to an accident. In return for this, the policy holder will pay the insurance provider a monthly premium. This insurance policy is also known as Accident, Sickness & Unemployment Insurance or ASU Cover. Personal accident insurance covers your expenses from an accident with a lump sum payment, a daily or monthly amount or a payment for loss of life from an accident. Several types of policies supplement an insurance program. Often, accidental death and dismemberment is an inexpensive form of personal accident insurance. Other forms are similar to disability income, but they pay a cash sum when you have an injury due to an accident. There are several ways to buy personal accident insurance. Some policies only pay for specific types of accident.

Feature of personal accident insurance:

1. The maximum liability of the insurer is the capital sum insured 2. The amount of claim is payable to the insured person or his illegal

representative in case of death. Appointment of nominee is desirable. 3. No weekly compensation shall become payable until total amount shall have been ascertained and agreed.
4. Personal accident cover (other than coupon insurance with another insurer

must be within the knowledge and written permission of the insurer or else policy becomes void
5. Age limits between 16 and 25 years. The upper age limit may be relaxed

in certain cases on merit. 6. Cover for physical injury from an accident occurring at any time of the day and anywhere in the world (around the clock and around the globe) 7. Payment of benefits to the beneficiaries defined in the policy in the case of accidental death. (It is important to indicate the full names and other details of the beneficiaries when taking out the policy.) 8. Payment of the insurance benefits to an insured who suffers full or partial permanent disability within a year from the date of the accident

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9. Payment of insured benefits to an insured for inability to work for a period

of no more than 104 weeks for each accident that occurs during the insured period 10. Payment of the insurance benefits is made within 30 days of our receiving the necessary documents. 11. The insurance is also valid when the insured is overseas. 12. Accident insurance enables individual or his / her inheritor to obtain financial compensation in case of body damage, loss of working ability or death.
13. Personal accident insurance enables to obtain material compensation, in

case of limitation of human abilities caused by accident.

14. Insurance policy also implicates money compensation to the insured's heir

in case of death.
15. Reimbursement limit is estimated according to the insured's preference.

The concrete amount of compensation is stated in the insurance policy and equals to the extent of inability rate.
16. The value of insurance - annual insurance premium is determined

according to insured's age, gender and profession.

17. The Policy is an evidence of the contract between you (Insured) and us

(the company).
18. The proposal or any information supplied by you shall be incorporated in

and be the basis of this contract.

19. The Policy, the Schedule and any Endorsement are to be read as one

document and any word or expression used with a specific meaning in any of them has the same meaning wherever it appears.
20. Provided you pay the premium for all the Insured Persons in the category

intended to be insured under this Policy and we receive and accept it, we will provide insurance as described in the Policy.
21. The terms, conditions and exceptions that appear in the Policy or in any

endorsement are part of the contract and must be complied with. Failure to comply may result in the claim being denied.
22. The hazardous properties of nuclear material, nuclear radiation or

contamination.

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Coverage:
Personal accident policy provides for specific benefit of insured person suffering injury, resulting in death or disablement arising solely and directing from an accident caused by violent external and visible means. The bodily injury within twelve calendar months (period varies) from occurrence thereof solely and directly caused to1. Death 2. Loss by physical separation at or above the wrist or ankle of: a) Both hands or feet or one hand and one foot (known as loss of limbs) b) Complete and irrecoverable loss of sight in both eyes. c) Loss of one limb and complete and recoverable loss of sight of one eye- in this regard 50% of capital sum insured. 3) Temporary total disablement- in this respect 33% of capital sum insured, maximum taka 5000 per week.

Types of Personal Accident Insurance

Business Travel Accident Insurance This type of insurance covers employees during business travel based on the travel expense records. The insurance covers the employee from the moment of departure from his home or workplace and is valid until the moment of his return to his home or workplace. Household Members Personal Accident Insurance This type of insurance covers all members of the household: spouses, children and other members of the household, as individually named in the policy or in an enclosed list. Insurance is available for all members of the household, from birth to 70 years of age. Personal Accident Insurance for Members of Sports Organizations

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The insurance may include: 1. Insurance for members of sports organizations - amateur or professional sports competitors 2. Insurance for participants in sports races and competitions 3. Compensation of medical expenses for foreign participants in sports competitions. Personal Accident Insurance for Members of Hunting and Fishing Organizations Insurance for hunting or fishing activities may be purchased for individuals or groups. Personal Accident Insurance for Members of Volunteer Firefighters Organizations and Other Lifesaving Teams: The insurance is available as group insurance for all members of volunteer firefighters organizations and other lifesaving teams. Personal Accident Insurance for Pilots, Cabin Crew Members and Passengers in Airplanes and Other Aircraft Insurance is available for: 1. Professional and sport pilots 2. Military pilots 3. Passengers Personal Accident Insurance for Members of Cultural Associations This insurance is available for: 1. Professional members of cultural associations 2. Amateur members of cultural associations

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Personal accident plans: Children Thinking of covering children on personal accident insurance may seem logical. No child earns an income, other than pocket money or limited part time work, so they are not to protect income. Insurers may consider cover to include children as part of a normal personal accident policy. Insurance plans purely for a child/ children, are few. The purpose of child cover is to cover the extra expenses and temporarily loss of income that a parent suffers. The money can be used for childcare, adapting a home, special equipment or special treatment and help. Personal accident plans: Self employed Personal accident or personal accident and sickness plans for the self employed are available. There are many advantages to working for yourself. Record numbers of people are setting up on their own. Many are self employed individuals, frequently working from home. When you work for yourself, all the benefits that an employer provides vanish. When you are not fully fit you are not earning at all, or less than normal. So you have double trouble with money to pay out and less money coming in. Some but not all insurers accept individual self-employed people on individual personal plans, but you have to convince the taxman that it is a business expense. A few insurers offer policies tailored to the self employed . Cover can sometimes include family members. Policies for the self employed are usually a tax-deductible business expense- but it depends on your accountant and your taxman. Personal Accident Insurance for Students Staying Abroad This type of insurance is available for individuals and groups, for university and other higher education students, who travel abroad for work experience through authorized legal entities. Before a policy is issued, students must submit a certificate stating that they are travelling abroad exclusively for the purposes of work experience.

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Personal accident plans: High Nett Worth Put simply, this is a word to describe those with assets over 1 million. These people tend to travel widely, which is why cover is almost always on a worldwide basis. Most personal accident policies provide a relatively low level of benefit. Those in this sector are able to offer high benefit levels. It is more common to include Personal Accident in a wider High Net Worth specialist policy than offer it as a stand-alone

Personal Accident Insurance for Visitors and Audiences, Including Policyholder Liability This type of insurance covers accidents which may occur to audience members in performance halls, in the premises designated for ticket holders, regardless whether the injured person is a ticket holder or not, or on the premises around sports grounds or another place where a performance or sport event is being held, if such a place is designated for spectators. The insurance also covers those types of accidents which may occur to the visitor while queuing to purchase a ticket at a designated place. The visitor insurance policy may also include a policyholder liability cover for physical damage or loss of property incurred by the insured visitor up to the amount specified in the policy. Personal Accident Insurance for Tourists and Holidaymakers, Including Policyholder Liability This insurance policy covers holidaymakers and tourists who go on group excursions to particular places organized by the policyholder specified in the policy. The insurance covers all accidents which may occur to the holidaymaker while waiting for the excursion at a designated place, and immediately upon return from

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the excursion, until the moment of departure from the place designated for the dissolution of the tourist group. The tourists and holidaymakers insurance may also include a policyholder liability cover for physical damage or loss of property incurred by an insured tourist or holidaymaker up to the amount specified in the policy.

Types of policy
The insurance industry can confuse customers and itself with the titles it gives to types of policy within the wider definition of personal accident Insurance. There is a thin dividing line between personal accident and income protection policies. Simple personal accident policies only pay a cash sum following an accident where anyone is injured Simple income protection policies pay when anyone is off work following an accident Where they merge is when an income protection policy also includes illness, and a personal accident policy includes sickness and/ or pays monthly benefits rather than a cash sum. We regard policies which cover an accident and sickness/ illness by paying a cash sum as Personal Accident We regard policies which cover accident and illness by paying a monthly benefit as Income Protection. But it is not always clear-cut so we suggest you read both sections. Policies to protect mortgages, loans or credit card debts are frequently called Accident Sickness Unemployment (ASU) policies; these are not Personal Accident plans, but Income Protection ones. Insurers themselves often confuse you by using vague product names like Protection " which can include income protection, critical illness, life, personal accident and other products. - or a flashy name which gives no indication of what it covers. There are three main ways to partially or wholly protect you against the costs of long term care.

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On some products, you only get money if you qualify as needing care. On some products, you get money anyway, but there is some help in arranging care if needed. On investment and Equity Release products, you choose whether or not to use the proceeds on care.

The products do not always fit neatly into one or other category. Increasingly, we see products, which offer a range of options now, and in the future. While you cant expect the unexpected because then it wouldnt be unexpected you can prepare for the worst by protecting yourself and your income with personal accident insurance. Plus, even if the worst doesnt happen you are still rewarded with peace of mind and tax deductible premium.

Conditions:
1. This policy and the Schedules shall be read together as one contract any

word or expression to which a specific meaning has been attached in any part of this Policy or of the Schedules shall be or such specific meaning whatever it may appear.
2. In the event of any accident or disablement by disease herby insured against

happing to an insured person notice of in waiting shall be given to the company within fourteen days of the occurrence of the accident or the commencement of the disease. The insured or his legal personal representatives shall at his own their own expense, forward to the company within the space of seven days after demand written report from a medical attendant. Who shall be a dully qualified and registered medical practitioner, approved by the company of the facts of the case and the nature and extent of the injuries received or the disease and generally all such of information in supports of claims as the company shall reasonably require and in the case of loss of sight or amputation in occurring more than fourteen days after the accident notice as aforesaid must be given within one calendar month of loss of sight or assumption. In the case of a claim for death loss permanent disablement unless or otherwise stated all sums payable hereunder shall be payable within one calendar month after. Such personal injury and the cause

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and result there of shall have proved to the satisfaction of the company and such information as is required by the conditions of this policy shall have been furnished and in case of claim for temporary disablement. Only upon the termination of disablement. No sum payable under this policy shall carry interest and the company shall cease to liable for any such unless claimed within one after it has become due.
3. If required by the company the medical or other agent of the company shall

in the case any accident to an injured person or any disease be admitted at all reasonable times to see and examination the nature of injury sustained by the injured person of the disease whilst the injured person is sufferings from the effects of the same and in the event death to make a postmortem examination of the body of that injured person.
4. The injured shall on tendering any premium for the renewal of this policy

give notice in writing to the company of any disease physical defect or infirmity with which an injured person has become affected since the payment of the next preceding premium.
5. If an injured person shall change his occupation for or engage in or more

hazardous than that stayed in the schedule, these injured shall give immediate notice of the company pay such extra premium as may be required in respect of such greater risk if the company shall elect to accept the same which they shall be under no obligation to do.
6. .any circumstance in relation to the condition coming to the knowledge of

any local agent or manager, shall not notice to or be held to bind or prejudicially affect the company notwithstanding the subsequent acceptance of any premium, not will be Company be bound any receipt, except it be on its printed office from for the time being.
7. the company may at any time notwithstanding the provision for Cumulative

Bonus, by writing notice determines this policy, provided that the company shall in that case return to the insured the then last premium paid by him less pro-rata part thereof for the portion of the current insurance period which shall have expired. Such notice shall be deemed sufficiently given if posted and addressed to the insured at the within-mentioned address or at any later address of which notice in writing shall have been to the company and shall be deemed to have been received by him at the time when the same would be delivered in the ordinary course of post.

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8. The company shall not be bound to notice or be affected by any notice of

any trust charge or alienation relating to this policy, but the receipt of the insured or his legal personal representative shall in any case effectually discharge company.
9. All notices required to given by the insured shall be given to the company to

the head office, at one of its branch offices o9r at the offices of its authorized agents.
10. If any different shall arise to the amount to be paid under this policy

(liability being otherwise admitted such difference shall refer to an arbitrator to be appointed by the parties in accordance with the statutory provisions. In that behalf for the time being force. Where any difference is by this condition to be referred to arbitrator the making for an award shall be a condition precedent to any right as action against the company.
11. The policy and the insurance hereby made shall be subject to the several

companies. Restriction, stipulations and notice endorsed hereon in like manner as if the same were respectively repeated and incorporated herein and such conditions, is so far they provide for anything to be done by insured and to be deemed conditions precedent to the right of the insured to sure or recover hereunder.

Exceptions:
We have already known that an insured person in case of personal accident insurance gets benefit from the insurer due to death or disablement arising solely and directly from an accident by violent external and visible means. But an insured person will not be entitled to get benefit from the insurer if accident death or disablement arising from the following reasons: 1. War & kindred risk, riot, strike and civil commotion or intentional selfinjury whether criminal or not. 2. Injury sustained whilst the insured person is under influence of intoxicants or is suffering from insanity. 3. Injury occasioned by or contributed to by venereal disease or pregnancy. 4. Flying for the purpose of any trade or technical operation or as member of an aircrew or any other aerial activities. 5. Hunting, stable-chasing, racing of any kind (other than one foot), rugby, football, polo, motorcycling, or winter sports, underwater pastime or pot-

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holding except in so far as the company has by endorsement agreed to extend all insurance. 6. Intentional or self-inflicted injury 7. Suicide or attempted suicide, while sane or insane 8. Committing or attempting to commit a crime or assault, or while engaged in a criminal enterprise 9. Engaging in any speed or performance contest, whether legal or illegal 10.Use of a vehicle while under the influence of drugs or alcohol 11.Traveling in, boarding, or alighting from, any portion of a vehicle not designed and manufactured specifically for the transportation of persons 12.Use of the vehicle in violation of the terms of the rental contract

Classification of Occupations:
Profession or occupation is an important factor to guide the underwriter as regards assessment of risk in each case and consequently it stands to serve as the basis of rating. A representative classification is given as under: Class I. Accountants, Bankers, member of Legal & Medical Profession, teachers, consulting engineers, mercantile assistants and those engaged in executive, administrative, etc duties. Class II. Architects, engineers, (Superintendents) only, Planters, Salesmen and master tradesmen who supervise but do not do manual work. Class III. Engineer (superintending and working) engineering contractors engaged in manual work not involving unusual hazards. Class IV. Any occupation involving unusual hazards.

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It is not possible to give exhaustive list and the classification given above is only indicative of the considerations involved.

Rate of claim:
Particulars 1.Permament total loss of sight of both eyes 2.total or permanent total loss of use of two limbs 3.total or permanent total loss of use of right arm 4. .total or permanent total loss of use of left arm 5.total or permanent total loss of use of right fore- arm 6. total or permanent total loss of use of left forearm 7. total or permanent total loss of use of right hand 8.total or permanent total loss of use of left hand 9. total or permanent total loss of use of things 10. total or permanent total loss of leg at or below the knee 11.total or permanent total loss of use of foot 12.permament total loss of sight of one eye 13.Permament total deafness in one ear 14. total or permanent total loss of use of thumbs on right hand 15.Permament total deafness in twp ear 16.total or permanent total loss of use of thumbs on left hand 17.total or permanent total loss of use of index finger on the right hand 18. total or permanent total loss of use of index finger on the left hand 19. total or permanent total loss of use of middle Percentage 100% 100% 75% 60% 65% 55% 60% 50% 6% 50% 40% 50% 15% 25% 50% 20% 20% 15% 12%

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finger on right hand 20. total or permanent total loss of use of middle finger on left hand 21. total or permanent total loss of use of third (ring)finger on right hand 22. total or permanent total loss of use of third (ring)finger on left hand 23. total or permanent loss of use of little finger on right hand 24. total or permanent total loss of use of little finger on left hand 25.total or permanent total loss of use of big toe 26. total or permanent total loss of use of big toe 27.Permsanent total disablement other than the above 10% 10% 8% 8% 6% 5% 3% 55% annually

Source: Karnaphuli Insurance Company Limited

Exclusions and Limitations:

These exclusions and limitation depend on insurance company and some common things are:

This insurance policy will pay the compensation, if you have any physical injury due to accident. This policy does not pay for car, property, and animals which are damaged or lost in accident. You are not paid for inconvenience, lost work, injured pride or etc.

Other common exclusions: Disability because of the AIDS/HIV, war, normal pregnancy and childbirth, injury due to suicide attempt, self injury, criminal acts, failing medical advice, having a part in any dangerous or hazardous work, activity, sport or hobby, having military duty, driving by having more alcohol are not

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allowed by law. These are some common exclusion and limitations, this information may help you to take the decision in choosing the insurance policy.

What benefits should I expect?

A simple personal accident policy pays a set cash sum on death. On other benefits, there may be a cash sum, a monthly income or a mixture of the two. Monthly income is limited to a set number of months. Most also include a cash sum for Total Permanent Disablement. This is where you are not going to get better. Then there are frequently specific items where you get payment for injuries which result in

Total loss of speech, hearing or sight Total loss of or use of a hand or foot

Less frequent are specific higher benefits for catastrophes which result in quadriplegia or paraplegia. Some policies go into great detail about the different benefits for each type of accident such as fracture or dislocation. Also common is Temporary Total Disablement. This is where you are seriously hurt but will get better. Other benefits may include Hospital Cash for every night you are in hospital. It is quite common for benefits to be double, treble or quadrupled for serious problems such as travel accident, accidental death, disappearance or exposure. Other product features available include

24/7 helpline

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Counseling Rehabilitation Damage to clothing and personal property Kidnap and hijack Cost of specialist transport to get you to hospital

You can be protected from accidental expenditure by this personal accident insurance and it will pay some lump sum amount for injury or death because of accident. Benefits depends on insurance company, there are some general benefits such as:

A set of cash sum on death is paid by a simple personal accident policy. It may be cash sum, a monthly income or they may pay a mixture of two. There are some specific payments for specific injuries like total loss of speech, hearing or sight and total loss of or use of hand or foot. Hospital cash can be paid for every day if you are in hospital.

Other features are like 24/7 help line, counseling, rehabilitation.

CONCLUSION:
Personal accident policy premiums are much lower in comparison to the term life insurance or health insurance premiums. Further in view of the misery and financial hardship of the surviving insured after the accident, taking a personal accident cover is a necessity and should take precedence over life and health insurance cover.

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Bibliography
RISK AND INSURANCE by AZIZUL HUQ CHAUDHURI INSURANCE PRINCIPLES AND PRACTICE by M.N, MISHRA & S.B. MISHRA. Collected from the following links: www.insuranceinfo.com. www.personalaccident.co.uk/ www.finweb.com www.agraniins.com www.apollomunichinsurance.com www.divinecaroline.com/ www.aviva.co.uk www.myinsuranceclub.com/ http://www.privatehealth.co.uk/healthinsurance/personal-accidentinsurance/PAI-enquiry-form/