ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Insuring Agreement This is a summary of the major promises of the insurance company and states what is covered. In the Insuring Agreement, the insurer agrees to do certain things such as paying losses for covered perils, providing certain services, or agreeing to defend the insured in a liability lawsuit.

Detailed explanation-2: -An insurance claim is a request to the insurance company for payment after a policyholder experiences a loss covered by their policy. For example, if a home is damaged by a fire and the homeowner has insurance, they will file a claim to begin the process of the insurance company paying for the repairs.

Detailed explanation-3: -Personal Accident claim Properly filled and signed the claim form. The insurance policy copy. FIR of the accident & in case of a death claim, a Post-mortem report. In case of a disability claim, a doctor’s certificate. Certificate of Death.

Detailed explanation-4: -Filing a claim involves filling up claim forms on the insurer’s website or branch office. Documents supporting the genuineness of the claim must also be submitted. Then the insurance provider reviews the claim, assessing its validity.