* An insurance claim is a request placed by an insurance policy holder for receiving compensation for covered losses or damages under the insurance policy.
* The insurance company then checks the request’s legitimacy by assessing the mishap which had occurred and for which the insured had taken an insurance cover.
* After due examination, if found genuine and legally right, the claim is authorised and paid to the insured of the party, placing the request on behalf of the insured.
How does an insurance claim work?
* In case of a loss faced by the claimant before the expiry of the insurance policy, he or she informs the insurer immediately or before the expiry of the window allowed for the intimation of such instances.
* When the insurance company receives the information, it guides the insured regarding the proper procedure to be followed in such situations. For assessment of the degree of the peril, a surveyor is assigned by the insurance company.
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