Other forms of insurance: Accident, health,funeral assurance

Accident insurance

• There are two forms of accident insurance:
• Personal accident insurance and
• Group accident insurance

Personal accident

• Is taken by individuals.
• It covers against total disability arising from accidents e.g. sports stars or surgeons.

Group accident.

• Taken by a group as one policy e.g. an entire football team.
• Covers injuries which prevent members to work for a certain period or permanently.
• Members are paid compensation for loss of income due to injury.

Health insurance policy

• Is taken by individuals.
• It covers medical expenses.

Funeral Assurance

• Is taken by individuals.
• It covers burial expenses of the assured.

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