2. Insurance claim
An insurance claim is a formal request by a
policyholder to an insurance company for
coverage or compensation for a covered loss
or policy event. The insurance company
validates the claim and, once approved,
issues payment to the insured or an approved
interested party on behalf of the insured.
3.
4. •Give your name, address, policy number, and
the date and time of your loss.
•Make sure to tell your insurance agent where
you can be reached, especially if you are unable
to stay in your home.
•Follow up the call with a letter detailing the
problem. Keep a copy of the letter.
1. Contact your insurer
5. 2. Carefully documents your
losses
• Make a detailed list of lost or damaged property.
• Videotape and/or photograph damaged property before beginning any
repairs.
• Do not throw away damaged property without your adjustor's approval.
• Try to document the value of each object lost. To help valuate lost
objects use bills of sale, canceled checks, charge account records,
and insurance evaluations. If you have no such records, estimate the
value, and give purchase place and date of purchase. Include this
information with your list.
6. 3. Entry in claim register
• After Informing to the insurer he will record your loss in the claim register
and a Claim number is alloted to the insured
• In the claim register we will note all the information related to the loss
suffered by the insured
• Like :- date of loss,name of insured,address of claimate and the date on
which claim Is discharge
Note: In case of rejection the date and cause of rejection will also Enterd in
register.
7. •After making entry in claim register .The insured
have to fill the claim form issued by insurer after
filling the form he will return it to the insured
with the relevant documents
•It is needed for the collection of various
information related to claim and claimate.
4. Issue of claim form
8. • Once your claims settlement application is received, the
insurance company sends an appointed surveyor to verify the
claim request and estimate the actual loss or damage the
insured property has suffered.
• The surveyor will investigate the entire case and create a report
that plays a major role in determining the claims settlement
amount. It is recommended to keep all the policy-related
documents in place as they can be used for the investigation.
5. Inspection or survey
9. •If the insurance company satisfy with the
information and Find out that the loss is genuine
then the company will issue a discharge voucher
to insured
•Insured sign on the voucher and return it to the
insurer.
6. Discharge voucher
10. •After the receipt of discharge voucher insurer pay
the loss amount to the insured In his bank account
Through ECS
•Payment entry is also record in the claim register.
•At the time of Payment of claim, the Payment of
proportionate premium for the reinstalment on the
policy is also deducted.
7. Payment of claim
11. 8. Rejection of claim
• The claim can be rejected in following condition:-
1. The claim Is fraudulent
2. The loss is not due to fire
3. The loss was intensional
4. The insured has no insurable interest at the time of loss
