Insurance is protecting individual or property against a financial loss.Insurance is a form of risk management that indemnifies the individual or company from a certain loss.The insurance company is the company or legal entity that provides or sells insurance.The company or the individual that buy the insurance from the insurance company are known as policy holders or insured.The transaction between the insurance company and the insured is that in the event the loss occurs, the insurance company will compensate the insured with the insured having paid the required premiums.
Upon agreement, the policy holder is issued with an insurance policy which contains the details and conditions of compensation by the insurance company.The insured sends a formal request called insurance claim asking for payment from the insurance company as entitled in the insurance policy.Thus the insurer will review the formal request and then approve the payment.The insurance claim is paid by the insurer in order to cover or indemnify the insured against a financial loss.
There are many types of insurance claims like health insurance claim, property insurance claim and life insurance claim. The health insurance claim are usually meant to prevent individuals or groups from financial damages that may be incurred from hospital bills.Most patients in the United States do not need to file claims when in hospitals because most hospitals have automated the health claims.In this case the hospital is paid on behalf of the insured for the claim by the insurer.
The property insurance claim is very different from the health insurance policy.They are different in that in the property insurance claim, the claim is filed by the insured.A phone call or an email is then sent to the broker or the insurance company representative from the insured.Once they call the adjuster they make a report of the damages to the property of the insured.The cause of the damage and the extent of the damages are then investigated by the adjuster.The insurance company will then receive the conclusion remarks made by their representative on their behalf.Whether the compensation will paid fully or repairs will be made depends on the damage and the conclusion remarks by the adjuster.
The beneficiaries of the policy holder are the ones who file the life insurance claim.The beneficiaries or claimant must take a written notification of death to the insurance company as soon as the policy holders passes on. The presenting of the written intimation is to allow the insurance company to begin the compensation process.The claimant indicates their name, the details of the insured, the cause of death and the date of death in the written intimation.The claimant is also supposed to deliver the death certificate of the insured, medical documents in case the insured was admitted in a hospital and the policy document.