ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An insurance claim is a 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 and, once approved, issues payment to the insured or an approved interested party on behalf of the insured.

Detailed explanation-2: -An insurance claim is a request by the policyholder to have the insurance provider compensate them for a loss. Making an insurance claim can result in increased premiums (but not always).

Detailed explanation-3: -An insurance claim is a formal request to an insurance company asking for a payment based on the terms of the insurance policy. The insurance company reviews the claim for its validity and then pays out to the insured or requesting party (on behalf of the insured) once approved.

Detailed explanation-4: -An insurance claim is a formal request to your insurance provider for reimbursement against losses covered under your insurance policy.