INSURANCE CLAIM : WHAT IS IT?




An insurance claim is an actual application(demand) for benefit from one's insurance company on the happening of the insured event. It includes a claim by a third party against the insured whose liability is covered by the insurance company The person or company that will receive financial compensation or its equivalent benefits from the Insurer is known as a 'claimant’.

The are various circumstances and issues that may arise in any claim situation. Some reasons why a claim is denied:

(a) the insurance policy has lapsed.

(b) the insurance policy does not include the benefit.

(c) claim falls under the exclusions

( i


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