If You Read One Article About Claims, Read This One

Tips for Choosing ICC Insurance claims

Insurance is protecting individual or property against a financial loss.It is basically a risk management that shields an individual or a company against a certain loss.The insurance company is the company or legal entity that provides or sells insurance.The policy holder or insured is the person or company that buys the insurance from the insurer.The transaction between the two is based that the insured pays small amount of money or premiums with the guarantee that the insurer will compensate in case the uncertain loss insured against occurs.

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.

There are many types of insurance claims like health insurance claim, property insurance claim and life insurance claim. The purpose of the health insurance claim is preventing individuals or companies from paying huge hospital bills that may cause financial damage.In the United States most hospitals have automated insurance claims thus the patient does not need to file a claim when they get to the hospital.Thus the insurance company pays the hospital on behalf of the policy holder.

There is a big difference between the property insurance claim and the health insurance claim.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.The insured then reports the damages incurred to the representative of the insurance company.The cause of the damage and the extent of the damages are then investigated by the adjuster.After the verification the representative makes the conclusion remarks and forwards them to the insurance company.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 beneficiaries or claimant must take a written notification of death to the insurance company as soon as the policy holders passes on. The process of compensation then begins upon receiving the written notification from the claimant.The written document should include the details of the insured, cause of death, date of death and the name of the claimant.The insurance policy, the death certificate of the policy holder are some of the documents taken to the insurance company.

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