CLAIM PROCESS

CLAIM PROCESS An insurance claim is a formal request to your insurance provider for reimbursement against losses covered under your insurance policy. It acts as a safety net against financial losses. You must be the legal beneficiary to claim. The claim, step-by-step process is simple; -The first step in processing a claim is reporting the claim to the insurance company through your agent or broker, so they should understand your situation and how to proceed. -Claim investigation begins. -Your policy is reviewed. -Damage evaluation is conducted. -Payment is arranged which is the claim settlement. Where the policyholder claims financial support from the insurer. In case of life assured’s demise during the policy tenure, the nominee lodges a claim in order to receive the death benefit. In casualty and property insurance these four elements are necessary for a successful claim: -duty -breach of duty -causation, -damages. The claimant is oblige to approach the insurer to declare his/her intend to claim. Don't forget to get the necessary information/documentation needed from the claims officer. Three types of claims are as follows: fact, value, and policy. Claims of fact attempt to establish that something is or is not the case. Claims of value attempt to establish the overall worth, merit, or importance of something. Claims of policy attempt to establish, reinforce, or change a course of action. The position being takin in an argument should be demonstrated with evidence. Most policies have claims guidelines which are general guidelines for the insured and the insurer. Claims process will depend on the terms of coverage of each specific policy effective at the time of the incident. Further information and/or other relevant documents may be requested in addition to the guidelines in support of consideration of the claim. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful