IFoA SP1 Practice Questions - IFoA SP1 Health And Care Specialist Principles Exam

Private medical insurance (PMI) is best described as which type of contract?

A pre-funded contract building a savings reserve for old-age care A fixed-benefit contract paying a set sum per night in hospital An indemnity contract reimbursing eligible private treatment costs A lump-sum contract paid on permanent total disability

Correct Answer:

An indemnity contract reimbursing eligible private treatment costs

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