Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Insurance is defined as an equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care.
An insurance claim is made when insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the amount of loss specified by the contract.
Although a personal injury insurance claim may require a different level of proof than a vehicle damage claim and insurance regulations vary from state to state, the basic steps to take information needed to file an insurance claim are reasonably similar. Most of the time, insurance claim process for vehicle damage is simple: You make a claim, the adjuster comes out to estimate the cost to repair the damage, the insurance company sends you a check for that amount and you in turn can pay for the repairs.
Every insurance claim requires some kind of proof of damage or injury before a carrier will pay. For example, when making a car insurance claim there are five elements of proof that will come into play: what you tell the insurance companies, what the other party tells them, a police report, witnesses and physical damage at the scene.
Remember in case of an accident, if someone has a life-threatening injury call the emergency to get any needed medical attention and call the police directly, you’ll need that police report. Then exchange license plate numbers, contact information and auto insurance information with the other parties involved. Most states require drivers to have an insurance identification card in the vehicle and it will provide most of the pertinent information that you’ll need for the insurance claim purposes.
Insurance Claims Resources
Publication covering insurance losses and claims.
Provides risk management, retail, reinsurance, and insurance claims management.
Insurance Claims Services
Company featuring claim consultancy for insurance purposes.
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|FLOODS PUT 10% ON HOME INSURANCE BILLS
|THE summer's devastating floods have prompted one home insurance giant to hike premiums by an average of 10 per cent.
Norwich Union said the damage in the north of England in June and the south-west last month had cost them £340million.
With the industry facing flood claims totalling around £4billion, other firms are expected to follow their lead. ...
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