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Critical illness insurance, otherwise known as critical illness cover or a dread disease policy, is an insurance product in which the insurer is contracted to typically make a lump sum cash payment if the policyholder is diagnosed with one of the specific illnesses on a predetermined list as part of an insurance policy. [1]
Terminal illness insurance (known as accelerated death benefit in North America) pays out a capital sum if the policyholder is diagnosed with a terminal illness from which the policyholder is expected to die within 12 months of diagnosis by a physician who specializes in that illness or condition. The payout is still valid even if the insured ...
Manulife Financial Corporation (French: Financière Manuvie) is a Canadian multinational insurance company and financial services provider headquartered in Toronto, Ontario. The company operates in Canada and Asia as "Manulife" and in the United States primarily through its John Hancock Financial division. [ 4 ]
Terminal illness or end-stage disease is a disease that cannot be cured or adequately treated and is expected to result in the death of the patient. This term is more commonly used for progressive diseases such as cancer , rather than fatal injury.
Marius Stephanus Barnard (3 November 1927 – 14 November 2014) was a South African cardiac surgeon and inventor of critical illness insurance. [2] [3]Barnard was a member of the team headed by his brother Christiaan Barnard that performed the world's first human-to-human heart transplantation in 1967. [4]
A catastrophic illness is a severe illness requiring prolonged hospitalization or recovery. Examples include [ 1 ] cancer , heart attack or stroke . These illnesses usually involve high costs for patients and health insurance companies and may incapacitate the person from working, creating a financial hardship.
After most states had by the early 1990s implemented some limits on pre-existing condition exclusions by small group (2 to 50 employees) health insurance plans, the Health Insurance Portability and Accountability Act (Kassebaum-Kennedy Act) of 1996 (HIPAA) extended some minimal limits on pre-existing condition exclusions for all group health ...
Other terms used include grave, extremely critical, critical but stable, serious but stable, guarded, [3] and satisfactory. The American Hospital Association has advised doctors not to use the word "stable" either as a condition or in conjunction with another condition, especially one that is critical, as it inherently implies unpredictability ...