What is the definition of Schedule?

A Schedule, in insurance terms, refer to the list of what benefits the policy will provide, what risks are covered and what premiums are to be paid and when. Essentially, it is a list of the policyholder's and the insurance company's responsibilities by way of benefits, assets, coverage and other defined items.

This is particularly applicable in health insurance policies. It provides an itemized list of what the insured person can reimburse for, up to how much the reimbursements will pay, how many days a benefit is provided (like income benefits, room and board in a hospital, the number of allowable consultations with the doctor, etc).

The schedule is provided when the policy is issued and provides the basis of what benefits the insured person can make use of.

• Insolvency
• Misstatement of Age or Sex Provision
• Modified Premium Policies
• Moral Hazard
• Comprehensive Coverage