Of course !
BUT.... Make sure you read the PDS for conditions and coverage.
You must book award tickets, buy the tickets on the cards or pre-pay $250 of accomodation to be covered.
So pre-pay means exactly that ! the spend must be debited from your card before you leave.
And you must have a return ticket and flight etc, so as long as the conditions are ok for the travle your doing then no problems is great.
Yes, it dopes have an associated travel insurance policy. However, make sure you read and understand the terms of the policy. All travel insurance policies are different, covering different things to different amounts. Credit Card policies also vary in the conditions for activation, with some requiring all expenses to be paid on the card and others setting a minimum amount that must be paid on that card.