BUISENESS MANAGEMENT
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An payout of the cash value of an insured item
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A state of uncertainty about events in the future
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A request to be paid as agreed in the insurance contract
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The loss in monetary value of an item based on the length of time its been owned plus wear and tear since its purchase
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Detailed explanation-1: -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.
Detailed explanation-2: -Types of Term Insurance Claims They are: Death benefit claim. Maturity benefit claim (Only in case of Term Insurance with Return of Premium or TROP) Rider benefit claim.
Detailed explanation-3: -In the case of any claim under the policy, the claim would be payable to the lender.
Detailed explanation-4: -Claims adjudication, sometimes known as medical billing advocacy, refers to a process where the insurance company reviews a claim it has received and either settles or denies it after due analysis and comparisons with the benefit and coverage requirements.