There are countless things that you have to keep in mind while planning an important trip abroad or within the country. Among this is travel insurance. If you wish to ensure that your forthcoming trip is smooth and hassle-free, then you cannot afford to miss out on this one. However, with so many policies on offer and difficult technical terms to confuse you, deciding your travel insurance policy may be a daunting task. This beginner’s guide will surely help you. Read on!
Travel insurance terminology made easy
It is vital to know the terms used in insurance related negotiations before you go about the daunting business of looking for tour insurance.
Policy holder: The person or organization who has been issued the policy.
Beneficiary: The person who is to receive the proceeds of your insurance policy in the event of your death.
Benefits: The amount that you will be provided by your insurance provider under the terms of your policy.
Excess: The amount that you have to pay towards each claim you make before the insurance provider begins paying.
Excess waiver: The extra amount which you could pay on your policy to get the excess waived.
Exclusions: These are expenses that the insurance provider would not be obliged to pay for.
Expenses: They are expenses that an insurance provider is under obligation to pay you for.
Indemnity: It is the payment against losses to return you to your financial position before the loss.
Premium: The cost of your insurance cover
Annual cover: You pay premium just once in a year and that covers all your insurance needs for one year (you may choose single trip cover and save money if you’re sure that you’ll be making only one trip in a year)
Claims: When you ask for compensation from your insurance company for something covered by the policy, it is called a ‘claim’.
Legal expenses: Some policies offer a certain amount for legal expenses while traveling.
Obtaining travel insurance might be easy but make sure that you are not being duped and the policy fulfills your individual requirements before you zero in on your provider.
Types of travel insurance policies
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There are quite a few travel insurance choices you will find at your disposal and it is solely up to you to decide which one is the best for you. These are some of the insurance policies that you might consider as you plan your next tour:
• Trip cancellation and interruption insurance: This policy provides a passenger essential coverage in the occasion when problems arise due to cancellation or delay of travel plans. Travel insurance policies like this generally include financial assistance required to get a person home after the travel plans are laid off.
• Medical evacuation travel insurance: It is a different kind of travel insurance that facilitates compensation for any medical services carried out on a traveler including the use of facilities and personnel.
• Emergency travel medical insurance: This type of insurance is suitable for those who already have a medical insurance coverage at home but one which does not cover a health plan when they are traveling. Emergency travel medical insurance covers emergency services abroad only which means that the services are not applicable once the person returns home.
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