Question

A policy that provides coverage for losses over an extended period of time up to a maximum benefit limit is known as a(an):

Answer 1

Answer:

A policy that provides coverage for losses over an extended period of time up to a maximum benefit limit is known as Lifetime Limit Policy.

Explanation:

This policy is also know as Lifetime Maximum Benefit or Maximum Lifetime Benefit Policy where an insured individual will get paid the maximum amount of any health plan during his entire lifetime.

This policy has proved much beneficial for the people because they get a sign of relief without any kind of worry, if their medical treatment exceeds their allocated or allowed limit.

These policies particularly are limited only to the essential medical services,  but here it needs to be defined what does this essential services means. Because the services considered as essential by one person might not be of the same importance for another person.