Insurance Company Claim Definition
The insurance company validates the claim and once.
Insurance company claim definition. 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. 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. A document or request filed by a policyholder stating that an insured event has occurred and that the insurance company should provide coverage. 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.
When you make an insurance claim you have usually suffered some type of a loss or your property has sustained damage that is caused by one of the named perils insured by your insurance policy. However i would say that this definition applies more to a first party property type policy. The insurance company reviews its validity and pays upon approval. A request to an insurance company for payment relating to an accident illness damage to property.
Your insurance policy provides coverage and compensation to you for covered losses or the damages you sustain as a result of the claims process.
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