What is a Claim
The state of insurance when the insured (who bought insurance plan) asks the carrier (Insurance company) for money (in case of a covered loss) in lieu of the premium, which the insured pays according to the cycle they choose themselves (it can be monthly, quarterly or annually) is referred to as claim.
An insurance claim is a type of 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 accordingly. If Claim approved, the insurance […]