INSURANCE CLAIM Meaning and
Definition
-
An insurance claim refers to a formal request made by a policyholder to an insurance company seeking compensation or reimbursement for a loss, damage, or any covered expenses according to the terms of their insurance policy. It is an essential procedure that allows individuals or businesses to secure financial protection and recover from unforeseen events or incidents.
When an insured event occurs, such as an accident, theft, fire, natural disaster, or injury, the policyholder must initiate the insurance claim process promptly. This typically involves notifying the insurance company about the incident and providing necessary details, documentation, and evidence to support the claim. The insurer will then assess the claim by examining the policy terms, coverage limitations, and authenticity of the event to determine the amount of compensation that the policyholder is entitled to receive.
The insurance claim process involves various stages, including claim filing, investigation, adjustment, and settlement. Insurance claim forms often require information about the insured person or property, details of the incident, and supporting documentation, which may include photographs, medical records, police reports, or repair estimates.
Once an insurance claim is approved and validated, the insurance company will generally provide compensation to the policyholder in the form of a cash payment, reimbursement, or direct payment to service providers, depending on the nature of the claim and policy provisions. The goal of an insurance claim is to restore the policyholder to their previous financial state as closely as possible and minimize the impact of the covered event.
Common Misspellings for INSURANCE CLAIM
- unsurance claim
- jnsurance claim
- knsurance claim
- onsurance claim
- 9nsurance claim
- 8nsurance claim
- ibsurance claim
- imsurance claim
- ijsurance claim
- ihsurance claim
- inaurance claim
- inzurance claim
- inxurance claim
- indurance claim
- ineurance claim
- inwurance claim
- insyrance claim
- inshrance claim
- insjrance claim
Etymology of INSURANCE CLAIM
The term "insurance claim" is composed of two words: "insurance" and "claim".
The word "insurance" has its roots in the Latin word "assurantia" which means "exchange of money". It derived from the practice of merchants exchanging money in order to protect themselves against potential losses in their business transactions. "Assurantia" eventually developed into the Old French word "ensurance" and later into the English word "insurance".
The word "claim" traces its origins back to the Old French word "clamer" which means "to call out or proclaim". It also has Latin roots in the word "clamare", which means "to cry out or shout". Over time, "claim" evolved to refer to stating a demand or asserting a right to something.
Similar spelling words for INSURANCE CLAIM
Infographic
Add the infographic to your website:
