Personal Accident Insurance

The purpose of Personal Accident insurance is to provide medical assistance or compensation in the event of an accident that causes the death or disability of the insured person.

School accident insurance is the most common form.

The coverage usually contracted with this type of insurance policy includes:

Accidental death: The insurance company will pay the beneficiaries assigned by the policyholder or, failing that, his or her legal heirs, the amount established in the policy if the insured person dies as a result of the circumstances envisaged in the policy.

Permanent total disability: The insurance company will pay the insured person the amount established in the policy in the event of permanent total disability caused by an accident when this causes injuries such as:

• Total blindness
• Mental derangement
• Total paralysis, etc.

Permanent partial disability: The insurance company will pay a percentage of the insured capital for this coverage, depending on the degree of severity of the injury and in accordance with a table or scale specified in the general conditions of the policy.

Healthcare coverage: This insurance can cover the provision of medical, pharmaceutical and hospital care as a result of an accident.

There are two coverage options:

• The service is provided by the insurance company’s own healthcare organization.
• The service is provided by doctors and clinics freely chosen by the insured person.

In personal accident policies, it is common practice to list specific events or cases that are excluded in order to more accurately define the coverage. Some of these are:

• The consequences of illnesses or surgical interventions that are not the outcome of an accident.
• Injuries suffered while the person is mentally disturbed or in a state of intoxication.