Examples of Individual Travel Insurance
Example 1
Benefit | Original Policy
when Company Fails | Expenses Incurred | Explanation | Assuris Protection
when Company Fails |
|
| Up to $100,000 | $50,000 |
Since the expenses incurred are below $60,000, the promised benefit is fully protected.
| $50,000 |
Example 2
Benefit | Original Policy
when Company Fails | Expenses Incurred | Explanation | Assuris Protection
when Company Fails |
|
| Up to $100,000 | $90,000 |
Since the expenses incurred are higher than $60,000 the 85% protection is applied to the promised benefits ($100,000 x 85% = $85,000).
| $85,000 |
Example 3
Benefit | Original Policy
when Company Fails | Expenses Incurred | Explanation | Assuris Protection
when Company Fails |
|
| Up to $150,000 | $125,000 |
Since the expenses incurred are higher than $60,000 the 85% protection is applied to the promised benefits ($150,000 x 85% = $127,500). Since the Assuris protection exceeds the expenses incurred, the expenses are fully protected.
| $125,000 |
If the liquidator, appointed to manage the company failure, achieves a greater return on the policy than the Assuris protection, your benefits will be adjusted to the greater of either:
- The Assuris protection or;
- The amount recovered by the liquidator.