Health Insurance
From Open Risk Manual
Definition
Health Insurance is a widely used class of insurance product (policy) whereby an insured person (policy holder), in exchange for an insurance premium paid regularly obtains a promise by an insurer to cover specified amounts of health care costs of the insured person
Subtypes of health insurance risks
- Disability / Morbidity risk: Unexpected changes to disability, sickness or morbidity rates
- Expense risk: Changes to the expenses incurred in servicing insurance or reinsurance contracts
- Revision risk: Changes to the revision rates applied to annuities, due to changes in the legal environment or in the state of health of the person insured
- Lapse risk: Unexpected policy lapses, terminations, renewals and surrenders
- Catastophe risk: Impact on health insurance contracts of extreme or irregular events
