Wiki Articles - Insurance

Have you got any idea how much you pay out on different types of insurance every year. Chances are if you sat down and worked it out you’d be shocked at the amount. It’s not just the amount, but also the contents of the cover that we are discussing in this article. Some elements

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

of insurance are covered in other areas too, which means that you may well be paying for the same type of cover more than once.

Loss of income, legal expenses, theft and death are generally the most common areas that are easy to duplicate. It’s easy enough to make the mistake as

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

some elements of cover are latched on without you really noticing. In other cases, perhaps a financial advisor arranged the cover and you never took the time to read the details properly. Hopefully, this article will help.

This issue recently came to light when the Financial Ser

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ices Authority (FSA) released survey results showing that extras like breakdown recovery and legal expense cover are often tied to car insurance policies, and rather than being an optional extra, it actually takes the customer to make the phone call to remove the ‘option’. Anothe

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

common crossover is permanent medical insurance (PMI) and payment protection insurance (PPI). People take out PPI with a loan or credit card, not realising that they are already covered by their PMI. So they end up for the same thing twice, which is pointless as there are no ext

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ra benefits to be had.

The Financial Ombudsman knows that this is going on, recognising the fact with the statement: “People… often do not realise until they make a claim that they have been paying for a policy that provides very little, if any, benefit”.

A case in point is Ama

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

da Lariviere from West Yorkshire. Aged 42, she developed ovarian cancer and, following a bad reaction to chemotherapy, she was unable to work. She got a large tax bill in the post a few months later and decided to free up some money to pay the bill by re-mortgaging the house. The

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

building society asked her to bring along her life insurance papers to help with the re-mortgage application, and then found that her life insurance policy was actually critical illness insurance instead. Amanda had been paying ?80 a month for two policies with Scottish Providen

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

and Norwich Union and hadn’t even realised that it was in fact critical illness cover. As Amanda had recently been through her ordeal with ovarian cancer, she was able to claim on both policies, and consequently received a ?100,000 lump sum. That covered a lot more than just the

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

tax bill, she managed to pay most of her mortgage off!

The policies listed below are all example of areas which could potentially cause duplication in your cover, so have a look to see if any of these cold apply to you.

Critical Illness insurance is sometimes included in cover

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

provided by your employer. It’s well worth finding out before you purchase this sometimes expensive form of insurance.

If you have a company pension scheme then you may not need extra Life Insurance. Most company pension schemes have a death-in-service benefit that means if you

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ie while you are still with the company, then a tax free lump sum will be paid out. This could be three or four times your annual salary at the time you died, possibly more, so it’s worth considering whether you really need that extra life insurance policy.

Two types of insuranc

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

overlap quite significantly and that’s Permanent Medical Insurance (PMI) and Payment Protection Insurance (PPI). PMI is a coverall insurance that means if you have an accident or become ill then you receive a monthly income that you can use to cover bills, rent, mortgage etc. H

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

owever, many financial products sell PPI policies as an extra on their product only, and often we end up buying these add-ons without really noticing. If you already have PMI then this is a total waste of money as you are already covered. The only extra benefit with PPI is that y

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

u can be covered against redundancy.

Be sure not to make the mistake of letting these types of insurance overlap – if you are unsure about what is and isn’t included, read your PMI policy in full.

We don’t think that Mobile phone insurance is worth bothering with. If you have h

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

me insurance you may well be covered by that. Also, seeing as you will usually have to pay the first ?50 of the claim, is it really worth it? We think going pay-as-you-go is the best thing to do if your phone gets broken or stolen.

You may notice on your car insurance and home a

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

d contents insurance an extra mention of Legal expense cover. It’s in these areas that a dispute over who is responsible for the damage is most likely to occur, so a number of these policies include it for no extra cost. However, it may be an optional extra, and if you’re a membe

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

r of a trade union or a professional association, then you may already have some legal cover set up as a member’s incentive. Check this out first and you could save some money.

Some companies are trying to convince people to take out ID Theft insurance. There’s no need. If it d

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

es happen to you then you will only be responsible for the first ?50 according to ‘Which?’ magazine, so the insurance is pretty pointless. You may also find that your bank will be prepared to waive all charges.

Ever bought a new watch and then accidentally dropped and broken it

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

he next day? If you bought it on credit card then you’re in luck. Purchases are insured against accidental damage and theft for a set period of time, for example up to 60 days with Barclaycard. Before you got and buy another one, remember that the purchase may actually be insured

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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