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Ashish,
Doing an elective in a medical school can indeed increase your chances of getting into a residency in that same school provided that you make strong contacts with the faculty in your department (meaning getting letters of recommendation (LORs) from them and great evaluations) and maintain those contacts up to the point when you apply.
Usually doing a clinical elective and keeping in touch with the faculty member who you worked with does help in at least getting an interview.
The clinical elective is definitely considered US clinical experience.
As far as getting time to study for USMLE exams while doing electives, that would depend on which specialty you are in and what the hours of that service are like. I did not find much free time while I was doing my ophthalmology elective at Johns Hopkins but I suppose that is up to the hours required by your preceptor.
In regards to malpractice insurance, I would recommend that you first of all contact the Office of the Registrar of the school that you want to attend and ask them to put you in touch with any local companies that will provide malpractice for students.
You may want to try this website for more information about electives with information on malpractice insurance.
Hope this helps!
Doing an elective in a medical school can indeed increase your chances of getting into a residency in that same school provided that you make strong contacts with the faculty in your department (meaning getting letters of recommendation (LORs) from them and great evaluations) and maintain those contacts up to the point when you apply.
Usually doing a clinical elective and keeping in touch with the faculty member who you worked with does help in at least getting an interview.
The clinical elective is definitely considered US clinical experience.
As far as getting time to study for USMLE exams while doing electives, that would depend on which specialty you are in and what the hours of that service are like. I did not find much free time while I was doing my ophthalmology elective at Johns Hopkins but I suppose that is up to the hours required by your preceptor.
In regards to malpractice insurance, I would recommend that you first of all contact the Office of the Registrar of the school that you want to attend and ask them to put you in touch with any local companies that will provide malpractice for students.
You may want to try this website for more information about electives with information on malpractice insurance.
Hope this helps!