Have you ever tried to decipher an insurance policy? The words in the policy document might put you in a plight similar to that of Eeshan Awasthi, the little boy in Taare Zameen Par - where the teacher in the classroom is desperately trying to impart her `knowledge` and the little boy is off in another world of his own!
Similarly, an insurance policy goes on and on, with most of the text going above the head of the policy holder. There`s a dazzling assortment of the preamble, clauses, sub-limits, coinsurance, definitions, notifications, fees, penalties, exclusions and warranties, to be read, re-read and understood. Despite this, one may not fully understand the document.
Jargon! How we love it!
The insurance industry has its share of dense jargon that causes ambiguity and results in innumerable disputes. In this article, we try to simplify a few terms used in the health insurance policies, so that it will be easier for the reader to wade through it, the next time he reads.