Insurance FAQs
Find the answers to common questions and queries regarding your locum insurance quote.
Locum Insurance FAQs
Locum Insurance FAQs
What is different about sourcing our medical practice insurances through Approachable Finance?
The need for independent specialist advice has always been key for our clients. Although this has been available for the medical professionals we noticed that the business itself was having to source products from providers selling only one policy or a limited number. Our market research identified that practices managers wanted the reassurance of taking independent advice for their practice and locum insurance cover without feeling that they were only being offered ‘one policy’ and ‘one solution’ with the company having a ‘vested interest’.
How do you get remunerated?
For locum and Surgery Insurance: At no time do we ask a ‘fee’ from the practice. Our hope is through our advice we will identify policies that not only improve the practices’ quality of cover but could also save the medical practice significant money in their premiums. If we are successful in this we gain a commission from the company that we place your business with.
As a financial advisor we offer our clients the opportunity for us to be remunerated through commission or fees or a combination of both. In the case of fees, a client fee agreement would be agreed prior to incurring any charges.
Is it cheaper to ring the insurance company direct?
The agreements we have with the specialist medical insurance companies we work with are that any prices quoted through us are the same as what you would get if you go direct. Often we are able to offer discounts or ‘special offers’ that we negotiate with the insurance provider, however they are subject to availability.
What is your policy in regards to sales calls?
First of all we do not share any information with 3rd parties. We don’t believe ‘pestering’ people is the correct way to tender for business. We always respect our client’s wishes to be contacted or not contacted as the case may be, as we appreciate you are busy.
What type of advice do you offer?
As a professional IFA we are able to offer ‘a financial recommendation’ for locum insurance unlike many insurance companies that can only offer ‘information only’ advice. The difference in taking a financial recommendation is key as all ‘recommendations’ are covered under FCA (Financial Conduct Authority) for regulated advice meaning we, as a firm, take responsibility for the fact we are advising you to take out a particular policy.
FAQ Didn't Answer Your Questions?
Glossary of Locum Insurance Terms
Accident/Accidental
A sudden, unexpected, unusual, specific event which occurs at an identifiable time and place.
Act of Terrorism
Any act or acts of any person or group(s) of persons committed for political, religious, ideological or similar purposes with the intention to influence any government and /or to put the public or any section of the public in fear. An Act of Terrorism can include but not be limited to the actual use of force or violence and/or the threat of use. Furthermore the perpetrators of an Act of Terrorism can either be acting alone, or on behalf of or in connection with any organisation or government.
Annual Salary
The Insured Person’s Gross Annual Salary including dividends as declared within your audited accounts during the 12 months prior to any claim but excluding remuneration received in respect of bonuses, commission, overtime and the like.
Benefit Period
The maximum period from the date of Temporary Total Disablement or Temporary Partial Disablement for which benefit is payable. This period starts at the end of the Excess Period.
Bodily Injury
Identifiable physical injury which:- (a) Is sustained by an Insured Person, and (b) Is caused by an Accident during the Operative Time during the Period of Insurance, and (c) Solely and independently of any other cause, except Illness directly resulting from or medical or surgical treatment rendered necessary by such injury, occasions the death or disablement of the Insured Person within 12 months from the date of the Accident.
Excess Period
The period prior to the commencement of the Benefit Period for which no benefit is payable.
Gross Weekly Wage
1/52nd of the “Annual Salary”.
Illness
A disease or sickness of the Insured Person which first declares itself during the Operative Time during the Period of Insurance (unless specifically agreed in writing by us) and occasions the total disablement of the Insured Person within 12months after first declaring itself.
Medical Practitioner
A suitably qualified medical practitioner registered by the General Medical Council in the United Kingdom other than: 1. An Insured Person 2. A member of the immediate family of the Insured Person 3. One of Your employees
Medical Expenses
Expenses necessarily and reasonably incurred by the Insured Person for medical, hospital, surgical, manipulative, massage, physiotherapy, therapeutic, X-ray or nursing treatment, including the cost of medical supplies and ambulance hire.
Loss of Limb
Permanent loss by physical separation of a hand at or above the wrist, or of a foot at or above the ankle, and includes permanent total and irrecoverable loss of use of a hand, arm, foot or leg.
Operative Time
The period of time that cover is in force during the Period of Insurance, as shown in the Policy schedule.
Paraplegia
The permanent and total paralysis of the lower half of the body which shall include the two lower limbs, bladder and rectum.
Period of Insurance
The period beginning with the effective date and ending with the expiry date as shown in the Policy Schedule and any otherperiod for which We have accepted Your premium.
Permanent Total Disablement
Disablement which entirely prevents the Insured Person from attending to the duties of his usual business or occupation and which lasts 12 consecutive months and at the expiry of that period is beyond hope of improvement.
Radiation
The emission, discharge, dispersal, release or escape of fissile material emitting a level of radioactivity capable of causing incapacitating disablement or death.
Quadriplegia
The permanent and total paralysis of the two upper limbs and two lower limbs.
Principle Sum Insured
The Sum Insured as noted in the Policy Schedule.
Permanent Total Loss of Speech
Permanent total and irrecoverable loss of speech which lasts 12 consecutive months and at the expiry of that period is beyond hope of improvement.
Permanent Total Loss of Sight
Permanent total and irrecoverable loss of sight which lasts 12 consecutive months and at the expiry of that period is beyond hope of improvement.
Permanent Total Disablement by Paralysis
Disablement following the total and irrecoverable loss of use of a hand, arm, foot or leg, which entirely prevents the Insured Person from attending to the duties of his usual business or occupation and which lasts 12 consecutive months and at the expiry of that period is beyond hope of improvement.
Temporary Total Disablement
Disablement which temporarily and totally prevents the Insured Person from attending to the duties of his usual business or occupation.
Triplegia
The permanent and total paralysis of three limbs.
War
Any activity or conflict where military force is used and includes one of the following: 1. Hostilities or warlike operations (whether War be declared or not) 2. Invasion, civil War, rebellion, insurrection, revolution 3. Act of an enemy foreign to the nationality of the Insured Person or the country in or over which the act occurs 4. Civil commotion assuming the proportions of, or amounting to, an uprising 5. Overthrow of the legally constituted government 6. Military or usurped power 7. Explosions of War weapons 8. An Act of Terrorism 9. Murder or Assault subsequently proved beyond reasonable doubt to have been the act of agents of a state foreign to the nationality of the Insured Person whether war be declared with that state or not.
