Accident insurance provides cash benefits for bodily injury, physical impairment and death resulting from a sudden and accidental event. The insurance payout is designed to cover medical treatment and care after an accident or to provide financial protection, in the case of a death, to the bereaved family. In Korea, accident insurance is sold by both life and non-life insurers.
Q. What is Juvenile Insurance?
Juvenile insurance is a life policy where the insured is a young child and the policyholder is his or her parents. It provides coverage against diverse risks that children face in everyday life, such as bodily injury, disease, school violence, claims of third-party liability and other kinds of accidents. In step with social development and changes, juvenile insurance is evolving with new types of coverage becoming available. It is also being used as long-term savings for child educational funds.
Q. What is Insurance for People with Medical Conditions?
There are insurance products designed specifically for people with chronic medical conditions such as diabetes, hypertension and cerebrovascular illness. Except that any chronic or pre-existing conditions are excluded, the coverage is generally the same as what is offered to people with no medical history. Such insurance products are intended to provide the needed insurance cover to people with health issues and who do not have adequate access to insurance.
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