Insurance Company Claim Definition
However i would say that this definition applies more to a first party property type policy.
Insurance company claim definition. A claim is a formal request to an insurance company for payment based on the terms specified in the insurance policy. According to barron s dictionary of insurance terms a claim is a request by an insured for indemnification by an insurance company for loss incurred from an insured peril. Your insurance policy provides coverage and compensation to you for covered losses or the damages you sustain as a result of the claims process. An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.
The insurance company validates the claim and once. For example if a person has health insurance and breaks his leg he must file an insurance claim in order for the insurance company to pay for some or all of the medical expenses. Alternatively the insurance company could decline the claim or pay a lesser amount depending on the circumstances of the claim. A request to an insurance company for payment relating to an accident illness damage to property.
The insurance company reviews its validity and pays upon approval.
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