MANAGEMENT

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: -Claim-a request made by the insured for insurer remittance of payment due to loss incurred and covered under the policy agreement. Claims Adjustment Expenses-costs expected to be incurred in connection with the adjustment and recording of accident and health, auto medical and workers’ compensation claims.

Detailed explanation-3: -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.

Detailed explanation-4: -The claimant must submit the written intimation as soon as possible to enable the insurance company to initiate the claim processing. The claim intimation should consist of basic information such as policy number, name of the insured, date of death, cause of death, place of death, name of the claimant.