HEALTH INSURANCE  Critical Illness Insurance A policy that pays out a lump sum if the holder is diagnosed with a serious medical condition.

Health Insurance Insurance against loss because of ill health or accidental bodily injury.

Insured Individual that the insurer agrees to compensate for losses.

Insurer Party that provides insurance coverage.

Lapse Cancellation of insurance due to the insured's failure to make premium payments.

Managed Care Health Plans Medical schemes that offer the investor a network of suppliers you can go to for a fixed monthly cost. Managed care schemes negotiate deals with the service suppliers.

New Generation Medical Scheme Schemes that combine long-term medical insurance with day-to-day medical expenses. A portion of scheme members' premiums goes toward insurance for expensive medical treatment. The other part is paid into a savings account, which is used to pay expenses for doctor visits and medicine. Some schemes allow members to withdraw unspent contributions in the savings accounts.