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UNDERWRITTER EN AF VERDENS STØRSTE FORSIKRINGS SELSKABER
100% IPA part of AXA Global Group
Underwritter
Inter Partner
Assistance Direktion für Deutschland, Bahnhofstrasse 19
D-82166, Grafelfing, Germany
a member of the AXA Global Group |
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100% underwritten at Lloyd´s
Claims Handling
VAN AMEYDE DENMARK |
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DANSK
ALARM CENTRAL
Claims Handling
Falck A/S Danmark and
AXA Assistance
AXA Assistance
c/o
Falck Euro Service,
Boulevarden 66, DK-7100 Vejle, Denmark |
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Why should your customers
buy Personal Accident/Illness Insurance?
We will all have accidents or suffer illnesses during our
lives. Fortunately many of these are minor and have no long
term effect on our daily lives. However, have you ever
stopped to think how a serious accident or illness would
affect both your working and private life? Personal Accident/Illness
insurance can provide you with peace of mind in such an
eventuality providing capital benefits and loss of income
protection should you suffer permanent disability or be
unable to work.
Employers can also take advantage of this type of policy too,
providing them with protection for their own loss of income
should they lose the services of a key employee.
Additionally such benefits can be used as an employee
benefit to give them an advantage in the employment market
over competitors.
What are the major benefits and what do they cover?
Accidental Death - provides cover in the event of death
following an accident. The benefit is usually capped at ten
times an individual's annual salary or a sum equivalent to
the remaining earnings potential if a person is within ten
years of retirement.
Permanent Disablement - this can either mean the permanent
physical loss of a body part or permanent restriction in
movement. Cover is detailed in the form of a scale for
example; some are limited and will provide only for the
complete loss of one or more limbs or the sight of one or
both eyes. Other scales provide a far broader scope,
offering percentages of the Capital Benefit as compensation.
Permanent Total Disablement - provides cover if an
individual is entirely prevented from pursuing their stated
occupation as a result of an accident only or accident and
illness. Benefits may also be purchased to cover any gainful
employment and not just usual occupation.
Temporary Total Disablement - indemnifies an individual
should they be totally unable to perform the duties of their
occupation after a waiting (excess) period as a result of an
accident or illness. This provides a weekly/monthly benefit
equivalent to the individual's salary (after tax) for period
of up to 104 weeks/24 months.
Medical and Evacuation Expenses - reimbursement for medical
expenses necessarily incurred in the event of an accident or
illness, including evacuation costs incurred to the nearest
appropriate medical facilities should treatment not be
available locally.
What do we mean by Capital Benefits?
Benefits that provide a lump sum payment to the Insured
Person in the event of Accidental Death, Permanent
Disability and Permanent Total Disability.
Can the product be bought by both individuals and groups?
Yes as well as being a part an individual’s personal
protection portfolio this type of cover can provide valuable
protection to employers as well as being used a benefit of
membership to the likes of trade associations, union groups
and the like.
Who will the beneficiary be in the event of a claim?
The individual (or the individual’s estate in the event of
accidental death) will receive the benefit of any claim made
under the policy. Benefits payable would be tax free to an
individual. Should the benefit be purchased by an employer
or other body then they would be the beneficiary, they are
then free to choose whether the benefit is paid to the
individual employee/member or whether it goes to covering
their loss of income or used to fund the cost of recruitment
and funding of a replacement.
What is meant by the term “Key – man”?
A term used to refer to any employee that fulfils a vital
role in a company’s operations. Some examples of which are
Chairman, CEO and Director. The subject of a key-man policy
can provide both tangible (e.g. sales) and intangible (e.g.
product developments) financial benefits to the company and
if they are unable to perform their duties it results in a
financial loss.
How much cover can a person buy?
We can provide an individual up to 10 times their annual
income, although if a person is within 10 years of
retirement age this would be reduced proportionately, and a
loss of income benefit equivalent to their net weekly
earnings.
For a key-man policy the employer will need to substantiate
the sum insured in terms of lost earning. The following
formula provides a useful guide as to how this exposure can
be established
Company's current gross profit x key person's gross salary
_______________________________________________
Total gross wage roll
We are able to insure any one individual up to a maximum of
DKK 10,000,000 and provide aggregate cover for groups of up
to DKK 50,000,000 any known accumulation.
What is excluded?
The main exclusions relate to losses resulting from events
such as War, Terrorism and Radioactive Contamination.
However, the policy will also exclude losses resulting from
events of a more personal nature such as suicide, mental
illness, deliberate acts and as a result of a person being
under the influence of drugs or alcohol.
Please refer customers to the full terms and conditions of
the policy prior to them purchasing cover. They must satisfy
themselves that the policy provides them with the level of
protection they seek. The full policy wordings are available
for download on this web site.
Will a person be covered for pre-existing conditions?
Generally the policy will also excluded pre-existing
conditions unless the person has been treatment free for a
period of 30 months prior to the date they take out the
policy e.g. if a person underwent a hernia operation 2 years
ago this would be excluded, but if it were 4 years ago and
have had no subsequent treatment cover would be provided for
a loss attributable to this condition.
On occasion a specific exclusion may be applied to a medical
condition suffered previously if there is evidence that
there is a high likelihood of the condition recurring.
How does a person buy a policy?
Should a customer be happy with the premium and scope of
cover then to proceed they will need to fully complete, sign
and date the proposal form that can be downloaded from this
site. Once this is done the form should be submitted to
Northern Primary for approval by underwriters, until this
approval is given no cover will be provided.
What is a material fact?
A material fact is one likely to influence the assessment
and acceptance of the proposal by Underwriters. If you are
in any doubt as to whether a fact is material it should be
disclosed.
What to do in the event of a claim?
We have detailed the process for making a claim in the
relevant section of the web-site. Prompt attention to this
process will ensure the smooth and efficient processing of
your customers claim. Failure to follow the correct
procedure can cause delays.
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