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What is Pre existing, Waiting periods and Exclusions in a health Insurance policy?

Pre-existing are the diseases from which a customer suffers from before taking a policy cover. Most of companies in industry provide coverage to these pre-existing diseases after 4 continuous years of coverage.
Waiting period is also called the cooling period. It is the time after the purchase of policy under which no claim is paid other than in the situation when claim has resulted due to an emergency situation. It varies (from 30 days to 90 days ) from insurer to insurer.

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