• International Insurance Blog

  • Thursday, September 21, 2017

Q: What is a deductible?

A: A insurance company deductible is a way for the insurance company to reduce claims and your premium. It is the initial amount that you have to meet before the insurance company pays for anything. International insurances also have deductibles. The higher the deductible, the lower the cost and vice versa.

Q: What is the Pre-Existing Condition Period?

A: The pre exisitng condition period is the insurance company look back period, i.e. the number of days from the effective date that the insurance will "look back" to see if your claim is related to a pre-existing medical condition. Typically the insurance companies do not insure pre-existing conditions

Q: What is trip cancellation financial default coverage?

A: The Financial Default protection benefit is part of the Trip Cancellation/Interruption benefit. The trip cancellation financial default coverage insures against financial loss. Financial default coverage applies if the airline, cruise line, or tour operator goes out of business and you are unable to travel or suffer financial loss. In order for trip cancellation financial loss to apply, coverage must be purchased within 7 - 21 days (depends on company) of the initial deposit. After determining if you qualify for the benefit, some of the plans have 7-14 day waiting period before the benefit would become effective. Additionally, this benefit would be only available if the airline, cruise line or tour operator was not in bankruptcy at the time you purchase your travel insurance policy and in the case of Access America, is listed on their list of approved companies and in the case of Travel Guard, is not on their list of disapproved companies.

Q: Can I insure a rental house or condo?

A: Many plans on our website can provide reimbursement of house rental with certain proof. One can also insure rental condo villa, or other rental property as long as there is a written agreement/contract between the insured and the renter. Reimbursement of your pre-paid cost will be made if the trip cancellation or interruption was caused by a peril named in the policy and can be covered as per the benefits described.

Q: Is there travel insurance for frequent flyer program miles?

A: No, there is no company in the travel insurance industry that will insure loss of frequent flyer miles or points. Travel Insured will reimburse the penalty fee to return tickets back into the point program. In trip cancellation, reward miles are not insured neither do the plans for travel insurance protect reward miles.

Q: Should I include frequent flyer miles “cost” of the airline ticket ?

A: Generally the insurance companies will not insure tickets bought with miles or reward points because no money has been paid. As the insurance companies do not insure frequent flyer miles ticket, you should insure yourself for adequate trip interruption coverage. Make sure that you have purchased enough trip interruption for insurance coverage for an air ticket. This can cover the cost of an economy ticket home plus the cost of any unused, non-refundable land arrangements that you might lose if you have to interrupt your trip.

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