What is the Definition of Critical Illness (Ci) Insurance?

What is the Definition of Critical Illness (Ci) Insurance?

A type of individual health insurance that pays a lump-sum benefit when the insured is diagnosed with a specified illness. Also known as critical diagnosis insurance. Contrast with Specified disease coverage.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Insurance?

What is the Definition of Critical Illness (Ci) Insurance?

What is the Definition of Critical Illness (Ci) Insurance?

Check out other definition of insurance terms below:

What is the Meaning of B-SHARE VARIABLE ANNUITY In Insurance Terms?

A form of variable annuity contract with no initial sales charge but if the contract is cancelled the holder pays deferred sales charges (usually from 5 to 7 percent the first year, declining to zero after from 5 to 7 years). The most common form of annuity contract.

What is the Meaning of BALANCE SHEET In Insurance Terms?

Provides a snapshot of a company’s financial condition at one point in time. It shows assets,  including investments and reinsurance, and liabilities, such as loss reserves to pay claims in the future, as of a certain date. It also states a company’s equity, known as policyholder surplus. Changes in that surplus are one indicator of an insurer’s financial standing.

What is the Meaning of BANK HOLDING COMPANY In Insurance Terms?

A company that owns or controls one or more banks. The Federal Reserve has responsibility for regulating and supervising bank holding company activities, such as approving acquisitions and mergers and inspecting the operations of such companies. This authority applies even though a bank owned by a holding company may be under the primary supervision of the Comptroller of the Currency or the FDIC.

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