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Insurance is the process taken by an individual or a company to protect themselves from a financial loss.Insurance is a form of risk management that indemnifies the individual or company from a certain loss.The selling of insurance is undertaken by a company or legal entity called the insurer or the insurance company.The insurance company sell the insurance to the insured or the policy holder.The transaction between the insurance company and the insured is that in the event the loss occurs, the insurance company will compensate the insured with the insured having paid the required premiums.

The insurance policy is issued to the insured after the agreement and it contains the conditions and details of compensation.The insured sends a formal request called insurance claim asking for payment from the insurance company as entitled in the insurance policy.Before approving the payment, the insurance company will review the insurance claim sent.The insurance claim is paid by the insurer in order to cover or indemnify the insured against a financial loss.

There are many types of insurance claims like health insurance claim, property insurance claim and life insurance claim. The health insurance claim are usually meant to prevent individuals or groups from financial damages that may be incurred from hospital bills.Most patients in the United States do not need to file claims when in hospitals because most hospitals have automated the health claims.Thus the insurance company pays the hospital on behalf of the policy holder.

The health insurance and the property insurance are very different from each other.The policy holder is the one who files for the claim in the property insurance claim unlike in the health insurance claim.The insured calls or emails the representative of the insurance or an adjuster or broker.A formal report of the damaged property is thus given to the adjuster by the policy holder.The adjuster then makes a formal visit to investigate the cause and the extent of the damage.The insurance company will then receive the conclusion remarks made by their representative on their behalf.Full compensation or payment for repairs is dependent on the damages incurred and also the conclusion remarks made by representative.

The life insurance claim is filed by the beneficiaries of the policy holder.The insurance company receives a written notification on the passing on of the policy holder from the beneficiaries. The process of compensation then begins upon receiving the written notification from the claimant.The details included in the written intimation are the name of the claimant, the date of death, the cause of death and the policy holder details.The claimant is also supposed to deliver the death certificate of the insured, medical documents in case the insured was admitted in a hospital and the policy document.

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