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What is Insurance Claim ? • An insurance claim is a formal request to your insurance company for reimbursement for losses covered by your policy. • Insurance is a contract between you and your insurer. You must pay a set premium. In exchange, the insurance provider provides financial coverage for losses based on the terms of the policy. • A claim must be filed when the event covered by your policy occurs. The goal is to notify the insurer that the event for which you purchased insurance has occurred and that the insurer should pay the claim amount. • An insurance claim serves as a safety net in the event of financial loss.
Types Of Insurance Claims • Health Insurance Claims Surgical procedures and inpatient hospital stays continue to be prohibitively expensive. Individual or group health insurance policies protect patients from financial burdens that could otherwise cause crippling financial damage. Health insurance claims filed by providers on behalf of policyholders with carriers require little effort from patients; the vast majority of medical claims are adjudicated electronically. • Property and Casualty Claims A house is typically one of the most expensive assets that a person will purchase in their lifetime. A claim for damage caused by a covered peril is initially routed via the Internet to an insurer's representative, also known as an agent or claims adjuster. • Life Insurance Claims A claim form, a death certificate, and, in some cases, the original policy are required for life insurance claims. The process, particularly for large face value policies, may necessitate an in-depth examination by the carrier to ensure that the insured's death did not fall under a contract exclusion, such as suicide (usually excluded for the first few years after policy inception) or death as a result of a criminal act.
