MANAGEMENT

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 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: -In Insurance contracts the consideration is the premium that the Insured pays to the Insurer as the price of the promise that the Insurer has made that he shall indemnify the insured.

Detailed explanation-4: -Premiums. The money paid to insurance companies for insurance benefits. With employee groups, premiums are usually paid on a monthly basis.