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It is important on the part of the insured to understand what are the insured events which usually get covered under the insurance policy, Serious illness is one of the insured event which gets covered under the life insurance policy. It should be noted that with respect to the insured events the limitations of the same are described with reference to the terms of the contract which are entered into between the insured and the insurer. It should be noted that there are health insurance certain exclusions which are specifically mentioned in the contract so that the insurer understands his liability with respect to his insurance. Some of the exclusions normally pertain to claims with respect to the suicide, claims with respect to fraud, claims with respect to war, claims with respect to riot, and claim with respect to civil commotion . It should be noted that the contract which pertains to the life insurance generally fall under the below two categories which are considered as major these include the protection polices and the other category is called as the investment policies. It is to be noted that The health insurance and the home insurance are also based on the same insurance principles as the life insurance.