Uniform Policy Provisions, Health Insurance

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DEFINITION of 'Uniform Policy Provisions, Health Insurance '

A provision that states that insurance companies must use standard language when creating policies for individual health and accident insurance. The uniform policy provisions, health insurance, must be followed by policy writers, because of the Uniform Individual Accident and Sickness Policy Provisions Act. Companies are not forced to write their policy in an exact way, rather they are required to follow a certain guideline in areas such as proof of loss, medical examination, claims notice, claims forms, policy renewal and premium grace period.

BREAKING DOWN 'Uniform Policy Provisions, Health Insurance '

This provision protects customers looking to purchase health insurance, by reducing the confusion and uncertainty that can be caused by the use of inconsistent technical language. Insurance, in general, was created to reduce risk and losses when uncertainties occur. It is important to note that there is no exact form on how these policies are to be created. It is a strict guideline used to create some consistency in how the policies are written and understood.

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RELATED FAQS
  1. What happens if my insurance claim falls below the deductible level?

    Though the ins and outs of health insurance are often confusing, the concept of the insurance deductible is relatively straightforward. ... Read Full Answer >>
  2. How is the deductible I paid for my insurance claim treated for tax purposes?

    The deductible you pay on your health insurance policy may be tax-deductible if you meet certain conditions. However, whether ... Read Full Answer >>
  3. What are the main factors that impact share prices in the insurance sector?

    The main factors that impact share prices in the insurance sector are interest rates, earnings and actuarial risk. In the ... Read Full Answer >>
  4. Why do insurance policies have deductibles?

    Insurance policies have deductibles for behavioral and financial reasons. Moral Hazards Deductibles mitigate the behavioral ... Read Full Answer >>
  5. Which emerging markets are seeing the strongest growth in the insurance sector?

    The emerging market economies seeing the strongest growth for the insurance sector are primarily the main emerging market ... Read Full Answer >>
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    A wide range of possible deductibles are available with health insurance plans, starting as low as a few hundred dollars ... Read Full Answer >>

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