2.2.7 Personal Accident Insurance
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Personal Accident policies are not life assurance contracts, but
as they are concerned with bodily injury caused by accident, or
inability to work due to sickness, such protection should not be
overlooked.
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Benefits are on a fixed scale, with a fixed benefit payable in
the event of accidental death or Total and Permanent Disability
with proportionate sums payable in the event of loss of limbs, for
example.
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Exclusions may apply. For example, benefits may not be payable
in respect of bodily injury as a result of:
- Suicide or self inflicted injury.
- War and kindred risks.
- Full time military service.
- Flying as a pilot or aircrew
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It is usual for cover to be provided without restriction i.e. 24
hours a day and worldwide. But it must be borne in mind that the
policy is renewable annually at the insurer's option; thus if there
has been some event which impacts on the risk of a possible future
claim, the premium may increase, or may not be renewed.
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Policies may be individual or group based.
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