A Brief History of Options
The act of an individual or organization protecting themselves against a financial loss is called insurance.After certain losses occurs the insurance protects the individual or the company from the 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 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 formal request sent by the insured to the insurer asking for payment as stated in the insurance policy is called the insurance claim.Thus the insurer will review the formal request and then approve the payment.The insurance claim is paid by the insurer in order to cover or indemnify the insured against a financial loss.
The various types of insurance claims include the life insurance claim, the property insurance claim and the health insurance claim. To prevent the individual or company from paying huge bill that may lead to financial damages is the purpose of the health insurance claim.The health claims in most hospitals in the United states are automated thus patient do not file claims manually.In this case the hospital is paid on behalf of the insured for the claim by the insurer.
The health insurance and the property insurance are very different from each other.This is because in the property insurance claim the policy holder is the one filing the claim.The insured calls or emails the representative of the insurance or an adjuster or broker.Once they call the adjuster they make a report of the damages to the property of the insured.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.
The beneficiaries of the policy holder are the ones who file the life insurance claim.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 claimant indicates their name, the details of the insured, the cause of death and the date of death in the written intimation.The claimant is also supposed to deliver the death certificate of the insured, medical documents in case the insured was admitted in a hospital and the policy document.