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Underwriting
When you a completing your application
form for Private Medical Insurance, you will generally
be offered two alternative styles of underwriting, which
is the means by which the company reviews and accepts
any application. The two styles generally offered are
Moratorium Underwriting and
Full Underwriting, and we
have explained both of them below.
Moratorium Underwriting
With this, the insurance company will take on each individual
covered by the policy, but will exclude any medical
condition where medical advice, medication or treatment
has been sought in a given period, usually 5 years of
joining the plan. Once the individual has been free
of all medication, treatments, consultations and symptoms
for that condition, or any related condition, for a
given period after joining the plan, usually 2 years,
they will automatically be covered for that condition.
There are some pre-existing conditions, such as heart
problems, cancer and psychiatric conditions that will
never be covered by the plan, as the member will have
regular check-ups and / or medication.
Full Underwriting
With Full Underwriting, a medical declaration is given
by each person to be covered by the plan. This information
is then put before an underwriter, who will assess the
risk factors for each person. Normally, any previous
serious medical conditions, and possible non-serious
conditions, will be permanently excluded from cover.
In extreme cases, cover may be refused. Usually you
are offered the choice of these two methods although
some insurers only offer Full Underwriting. Regardless
of underwriting styles it is important that all questions
are answered in full as failure to disclose information
could invalidate the policy.
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