Insurance is a hedge for ‘unforseen’ events that happen.
Insurance is paid ONLY if the person who is buying the insurance HAS behaved in good faith, and has not CAUSED the event.
It is NEVER in the interest of the Insured to cause the event JUST to make the claim – afterall the pay off is ONLY the cash, not the pain.
Are all these 3 statements true? YES, resoundingly yes.
Now let us look at medical insurance. When you take medical insurance you are covered for all diseases including kidney stone, gall bladder stone, hi blood pressure, diabetes, stress, tobacco related illness, alcohol related illness, cardio vascular, etc…
Now almost all the people who have insurance do the following activities – which INVITES the following illnesses
1. Consume and over consume sugar.
2. Frequent McDonalds, Dominos, etc. and have a very poor diet.
3. Over eat – wrong food, too hot, too cold, long gap between meals..
4. Lack of exercise
5. Add stress as an important part of their life style
6. Poor social life – and completely dependent on gadgets.
Now if these are all dubbed as ‘voluntary actions’ meant to increase the probability of falling ill, I see no reason why such claims should be paid.
Imagine what a low premium I could charge as a general insurance company if I said “will pay ONLY for NATURAL illnesses (i.e. not caused by life style choices), and accidents” . lol
Only problem is the clause is so vague that NO CLAIM will get paid…
Post Footer automatically generated by Add Post Footer Plugin for wordpress.