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Credit Accident and Health Plans

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A credit accident and health plan is designed to protect the borrower against losses due to accidents and sickness. This type of plan may indemnify the borrower against all periodic payments, or it may limit the number of payments. The premium rates are not excessive in relation to the benefits. These insurance plans are often approved when the insurer is insuring a class of businesses or a debtor. The insurance policy must have a loss ratio that is at least sixty percent.

These plans are typically purchased by employers to supplement the health insurance plans that they provide to their employees. They cover the expenses associated with accidents and illnesses at work and in other areas not covered by standard health insurance policies. In addition to paying for medical bills, these plans also provide coverage for non-traditional costs such as child care, transportation, and lost income.

The Consolidated Omnibus Budget Reconciliation Act (COBRA) provides that if an insurer finds that an individual has a pre-existing condition, it may sue him for the expenses. An accident and health plan is also designed to cover pre-existing conditions. A credit accident and health plan cannot leave a gap of more than __ days without health insurance.

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