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Severity criteria for critical illness insurance definitions
1Gen Re LifeHealth, Financial Centre, 695 East Main St, Stamford, CT 06901, USA. pokorski@genre.com
Background:
Definitions for critical illness insurance must be updated to reflect increasing incidence of covered events and improvements in screening, diagnosis and treatment.
Methods:
Examples are provided for ways to future-proof definitions via use of severity criteria.
Results:
The desired effect could be achieved by adding severity criteria as follows: myocardial infarction--ejection fraction, troponin level, or functional class; stroke--Modified Rankin Scale; and cancer--scaled benefits in proportion to probability of survival.
Conclusion:
Severity criteria can limit the increase in critical illness claims that is expected based on improvements in screening and diagnostic tests, thereby keeping the price affordable while retaining the features that have made this product so successful.
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