say, i break my arm day after? If I were to get in a bad accident the day after I got approved, I would be covered right?

As long as your insurance is in effect, you are fine. You can call the insurance company to double-check that the paperwork has gone through, but as long as you have a document in your possession that says you are covered (like a letter from them telling you that you have been approved), you should be fine.

Absolutely As Long As It Wasnt A Pre Condition