Life, Disability and Health Insurance: A Case Study on Risk Assessment and Insurance Products

FSC524 Life, Disability and Health
Insurance

Table of Content
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1: Risk Assessment...............................................................................................................1
Identification and evaluation of personal risks faced by Donna and Gregface 100....................1
Identification of alternative ways of managing risk that would covered by private health
insurances and discussion on implications of following a non-insurance strategy in terms of
their risk tolerance and risk capacity ..........................................................................................2
TASK 2: Recommending suitable life and disability insurance products.......................................2
TASK 3: Comparing cover and recommending suitable add-on benefits.......................................3
TASK 4: Choosing a provider.........................................................................................................5
TASK 5: Policy ownership..............................................................................................................5
TASK 6: Affordability.....................................................................................................................6
TASK 7: Policy review....................................................................................................................6
TASK 8: Claims...............................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Health Insurances are those insurances type which cover medical expenses that are
associated with illness or injuries. These medical expenses include hospitalisation costs, doctor
consultation charges and medicine cost. A health insurance cover medical coverage of pre-
hospitalisation charges, hospitalisation charges and post hospitalisation charges. Along with
expenses of ambulances and sum insurances, add-on covers, claims etc. are covered in health
insurances. Health insurances are of various kind according to type of coverage it provides,
which include individual insurances, family health insurances, senior citizen's health insurances,
hospital daily cash, mediclaims etc. Health insurances have multiple advantages in current
situation where people spend a major portion of their income over health related aspects. Health
insurance plan covers a range of surgeries and ailments. In addition to that, they also cover
medical treatment aspects (Arkorful and et. al., 2021). Health insurances are a contract in
between the insurer and policyholders, where policyholder pay a fixed premium to insurance
companies and in return the insurance company pay for the various medical expenses which it
mentions to cover in its protocols. The project includes evaluation of life suitability, disability
and health insurance products along with structures and options of benefits, risk, limitation and
non-insurance solutions in regards to a case study of Donna and Greg, who require personal
insurance needs. Further, the project applies environmental, procedural, technical and risk
management factors in context of life, disability and health insurances.
MAIN BODY
TASK 1: Risk Assessment
Identification and evaluation of personal risks faced by Donna and Gregface
1

Accidental deaths and Disabilities: In this, accidental deaths are mainly caused by an unexpected
happenings and events. The severity level is too high in case of accidental deaths and disabilities
as well. On the other hand, its possibility is quite low but having high severity rates.
Any medical health issues which need hospitalisation: In this, the possibilities of a person having
any issue regarding their well-being is quite high along with its severity level as well.
Health check-ups, Maternities care: The antenatal care is generally a systemic supervision of
female during their pregnancy in order to monitor the procedure of the foetal improvement.
Having such possibilities are somewhat low along with its severity level.
Complication in health and Complexity in surgery: While talking about health complications as
well as surgical complexities, the possibilities are somewhat moderate to high and its severity
level is also low to moderate level.
Identification of alternative ways of managing risk that would covered by private health
insurances and discussion on implications of following a non-insurance strategy in terms
of their risk tolerance and risk capacity
If an individual is not having health insurances then the risk management can be done via
alternative methods, which include use of family health insurances. Family health insurance
2
Accidental deaths
Disabilities
Any medical health
issues which need
hospitalisation.
Health check ups
Maternities care
Complication in
health.
Complexity in
surgery.