Health Insurance

From Open Risk Manual


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

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