Insurance Claim Definition

Frequently Asked Questions

What is'insurance claim'?

What is \'Insurance Claim\'. The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured. Insurance claims cover everything from death benefits on life insurance policies to routine and comprehensive medical exams.

What does it mean to file an insurance claim?

Insurance Claim. A document or request filed by a policyholder stating that an insured event has occurred and that the insurance company should provide coverage. 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.

What is a claim and how does it work?

What is a claim? When you make a claim on an insurance policy, you are formally notifying the insurance company that you have suffered a loss or damage that you believe is covered by the policy and you are requesting action. The insurer will review your claim and see if the event or circumstances are risks covered by the policy.

Who is entitled to claim payments from an insurance policy?

However, in the majority of cases, only the person (s) listed on the policy is entitled to claim payments. 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.

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