[Anchor]
It is Monday, and Han Jiyeon is here for our Friendly Economy segment. Han, you are saying it is a good idea to carefully check the special clauses of travel insurance before heading out for summer vacation?
[Reporter]
The results can vary significantly depending on the special clauses you have signed up for.
You could end up with zero insurance payout even after waiting five hours for a flight.
It is easy to understand if you look at the case of a traveler, identified as A, whose return flight was delayed by five hours recently.
A filed a claim, fully expecting to receive compensation.
However, the response was that the claim was denied.
The reason was that the special clause A had signed up for was an indemnity-type policy.
Travel insurance delay compensation clauses are generally divided into two types.
There is the fixed-amount type, which pays a set sum once the delay exceeds the time specified in the policy, and the indemnity type, which only covers actual expenses based on receipts.
The fixed-amount type is convenient because the money is paid as soon as the delay time is verified, but the premiums are a bit higher. The indemnity type has lower premiums, but you get nothing if you do not spend any money.
However, not all expenses are recognized.
Only directly related costs, such as meals or accommodation expenses incurred while waiting for a delayed or alternative flight, are covered.
Indirect losses, such as fees for changing schedules or admission tickets, are not covered.
If you just wait in the lounge like A did and do not spend any money, you will receive zero in insurance money no matter how long you wait.
Therefore, when signing up, do not just look at the product name; you must check whether it is a fixed-amount type or an indemnity type.
There is one more thing to be aware of.
This applies to cases where a flight is canceled entirely and you take an alternative flight.
One policyholder whose return flight was canceled due to a volcanic eruption could not receive compensation even though they found an alternative flight and returned home in just one hour and 30 minutes.
Looking at the policy, it stated that compensation is only provided if an alternative means of transport is not provided within four hours.
So, by finding an alternative flight quickly, the policyholder actually failed to meet the requirements for compensation under the policy terms.
[Anchor]
What is the scope of insurance coverage?
[Reporter]
Surprisingly, there are quite a few items that make people ask, "This isn't covered either?"
Most cases involving broken glasses or scratches on a suitcase are excluded from coverage.
The most frustrating case is glasses.
If your glasses break because you fell during a trip, you might think they are personal belongings and therefore covered, but most claims are denied.
This is because, under the policy terms, glasses are classified as medical aids, just like dentures, artificial limbs, or contact lenses.
Therefore, they are excluded from the scope of personal property damage coverage entirely.
Suitcases are a similar case.
If your suitcase, which was checked as luggage, gets scratched on the outside, it is rarely covered.
It is considered simple cosmetic damage that does not interfere with its use, so it is not seen as a subject for compensation.
It is also easy to get confused when a suitcase borrowed from a friend is damaged.
You might think it should be handled under liability insurance since it is someone else's property, but in reality, it is treated as personal property you were carrying, so it is processed under the personal property damage coverage, which has a lower compensation limit.
So, you should be aware that the payout might be smaller than you expect.
Besides this, cash, passports, items lost due to carelessness, and injuries sustained while participating in high-risk sports like rock climbing or skydiving are all excluded from coverage.
Also, for those who have signed up for multiple travel insurance policies, please remember that indemnity coverage does not mean you get double the payout; the insurance companies will split the payment within the scope of the actual loss.
[Anchor]
Finally, this is data on how companies provide summer vacations.
[Reporter]
The gap was larger than expected.
Smaller companies tended to have shorter vacations and provided less financial support for vacations.
The Korea Enterprises Federation surveyed 528 companies nationwide, dividing them into those with 300 or more employees and those with fewer than 300.
For large companies with 300 or more employees, 65.5% offered vacations of five days or more, which was overwhelmingly the most common response. Conversely, for companies with fewer than 300 employees, 48.5% responded that they offered three days.
It was not just the vacation duration that was shorter; there was also a difference in vacation pay.
While 61% of companies with 300 or more employees provided vacation pay, only 52.1% of companies with fewer than 300 employees did so.
Notably, 8.7% of companies with fewer than 300 employees offered vacations of two days or less.
This figure is nearly five times higher than that of companies with 300 or more employees.
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