Insurance is the process taken by an individual or a company to protect themselves from a financial loss.After certain losses occurs the insurance protects the individual or the company from the loss.The selling of insurance is undertaken by a company or legal entity called the insurer or the insurance company.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.The insurance claim is then reviewed by the insurer before payment approval.To indemnify the insured against any financial loss the insurance pays the insurance claim.
The property insurance claim, the health insurance claim and the life claim are some of the common types of insurance claims. 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 health insurance and the property insurance are very different from each other.This is because in the property insurance claim the policy holder is the one filing the claim.The representative of the insurance company or the adjuster will then receive the call or email from the policy holder.A formal report of the damaged property is thus given to the adjuster by the policy holder.An investigation is then carried out by the representative on the cause of the damage and the extent of the damage.The insurance company will then receive the conclusion remarks made by their representative on their behalf.Full compensation or payment for repairs is dependent on the damages incurred and also the conclusion remarks made by representative.
Unlike the other insurance claims, this one is filed by the beneficiaries of the insured.The insurance company receives a written notification on the passing on of the policy holder from the beneficiaries. This is to allow the insurance company to begin the process of compensation.The details included in the written intimation are the name of the claimant, the date of death, the cause of death and the policy holder details.The insurance company will then receive the following documents from the claimant, the death certificate of the insured, any medical document if the insured was hospitalized and the insurance policy.