MANAGEMENT

Detailed explanation-1: -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-2: -An insurance claim is a formal request to your insurance provider for reimbursement against losses covered under your insurance policy. Insurance is a financial agreement between you and your insurer. You have to pay a fixed premium.

Detailed explanation-3: -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.

Detailed explanation-4: -Premium-The amount paid by an insured to an insurance company to obtain or maintain an insurance policy.