Insurance is the process taken by an individual or a company to protect themselves from a financial loss.Insurance is a form of risk management that indemnifies the individual or company from a certain loss.The insurance company is the company or legal entity that provides or sells insurance.The company or the individual that buy the insurance from the insurance company are known as policy holders or insured.The insurance agreement is that the insured will pay premiums of certain amount and the insurer will ensure that compensation is done in case of the occurrence of a loss.
The insurance policy is issued to the insured after the agreement and it contains the conditions and details of compensation.The insured sends a formal request called insurance claim asking for payment from the insurance company as entitled in the insurance policy.Before approving the payment, the insurance company will review the insurance claim sent.The insurance company pays the insurance claim to cover the policy holder against financial losses.
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.In this case the hospital is paid on behalf of the insured for the claim by the insurer. Click here to learn more about insurance claim,
The health insurance and the property insurance are very different from each other.The policy holder is the one who files for the claim in the property insurance claim unlike in the health insurance 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.The adjuster then makes a formal visit to investigate the cause and the extent of the damage.The insurance company will then receive the conclusion remarks made by their representative on their behalf.Depending on the damage and the conclusion remarks, the insurer will either fully compensate or make payments for the necessary repairs. To know more about insurance, visit http://en.wikipedia.org/wiki/Insurance.
The beneficiaries of the policy holder are the ones who file the life insurance claim.As soon as the policy holder passes on, the beneficiary must present a written intimation to the insurance company. This is to allow the insurance company to begin the process of compensation.The claimant indicates their name, the details of the insured, the cause of death and the date of death in the written intimation.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. Visit http://aiainsure.com/ if you have questions.