B Com Exam > B Com Videos > Principles of Insurance > Claim process - Concept of Insurance, Principles of Insurance
Claim process - Concept of Insurance, Principles of Insurance Video Lecture | Principles of Insurance - B Com
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FAQs on Claim process - Concept of Insurance, Principles of Insurance Video Lecture - Principles of Insurance - B Com
| 1. What is the concept of insurance? |  |
Ans. Insurance is a risk management tool that provides financial protection against uncertain events. It involves an agreement between the insured and the insurer, where the insured pays a premium in exchange for the insurer's promise to compensate for specific losses or damages.
| 2. What are the principles of insurance? | |
Ans. The principles of insurance are:
1. Principle of Utmost Good Faith: Both the insured and the insurer must disclose all relevant information honestly and accurately.
2. Principle of Insurable Interest: The insured must have a financial interest in the subject matter of insurance to claim compensation.
3. Principle of Indemnity: Insurance aims to compensate for the actual financial loss suffered by the insured, ensuring that they are neither overcompensated nor undercompensated.
4. Principle of Contribution: If multiple insurance policies cover the same risk, each insurer shares the liability proportionately.
5. Principle of Subrogation: After compensating the insured, the insurer has the right to legally pursue any third party responsible for the loss or damage.
| 3. What is the claim process in insurance? | |
Ans. The claim process in insurance refers to the steps involved in requesting and receiving compensation for an insured loss. It typically includes the following steps:
1. Notification: The insured must inform the insurer about the occurrence of the insured event or loss within the specified time frame.
2. Documentation: The insured needs to provide all necessary documents, such as the claim form, police report (if applicable), medical reports, or any other relevant evidence to support the claim.
3. Investigation: The insurance company conducts an investigation to verify the validity of the claim and assess the extent of the loss or damage.
4. Evaluation: The insurer evaluates the claim based on the terms and conditions of the insurance policy to determine the compensation amount.
5. Settlement: Once the evaluation is complete, the insurer settles the claim by either providing a monetary payment or arranging for repairs/replacements as per the policy terms.
| 4. What are some common reasons for claim rejection in insurance? | |
Ans. Some common reasons for claim rejection in insurance include:
1. Non-disclosure of information: If the insured fails to provide accurate and complete information at the time of application, the claim may be rejected.
2. Policy exclusions: If the loss or damage falls under the exclusions mentioned in the insurance policy, the claim may not be covered.
3. Fraudulent claims: If the insurer suspects fraudulent activities or deliberate exaggeration of the claim, it may lead to claim rejection.
4. Delayed notification: Failing to notify the insurer within the specified time frame after the occurrence of the insured event can result in claim rejection.
5. Lack of supporting documents: If the insured fails to provide sufficient evidence or documents to support the claim, it may be rejected.
| 5. How long does the claim settlement process usually take in insurance? | |
Ans. The claim settlement process duration in insurance may vary depending on several factors, such as the complexity of the claim, availability of required documents, and the insurer's internal procedures. In general, the process can take anywhere from a few days to several weeks. However, some insurance companies strive to settle claims within a specific time frame mentioned in their service level agreements. It is advisable to check the policy terms or contact the insurer directly for more specific information regarding the claim settlement process duration.
Text Transcript from Video
frustrated with the insurance claim
process the personal injury legal
process can be complicated confusing and
take what seems like a very long time to
resolve some injuries can take months if
not years to reach maximum physical
improvement during this time depending
on the extent of the injuries you may
see many different doctors and even
specialists it is critical that we do
not begin the settlement process of your
claim until either you are fully healed
or we have a clearer understanding of
your future medical needs during the
various phases of a personal injury
claim it is not unusual for people to
feel as if things are not moving fast
enough or that it is taking a long time
for information to be gathered such as
medical records or bills you may also
think that it's taking a long time to
find out what the insurance company or
the insurance company's lawyers want to
offer to settle the case even after the
case is settled it can take additional
time for all the bills and liens to be
paid remember insurance companies
frequently use delay tactics in order to
build your level of frustration so you
will want it to be finished and will
accept an unfair low offer in your case
understand that this is a long process
and sticking with it will make a huge
difference in the value of your claim
and the amount of money you can receive
as compensation for your injuries
you
process the personal injury legal
process can be complicated confusing and
take what seems like a very long time to
resolve some injuries can take months if
not years to reach maximum physical
improvement during this time depending
on the extent of the injuries you may
see many different doctors and even
specialists it is critical that we do
not begin the settlement process of your
claim until either you are fully healed
or we have a clearer understanding of
your future medical needs during the
various phases of a personal injury
claim it is not unusual for people to
feel as if things are not moving fast
enough or that it is taking a long time
for information to be gathered such as
medical records or bills you may also
think that it's taking a long time to
find out what the insurance company or
the insurance company's lawyers want to
offer to settle the case even after the
case is settled it can take additional
time for all the bills and liens to be
paid remember insurance companies
frequently use delay tactics in order to
build your level of frustration so you
will want it to be finished and will
accept an unfair low offer in your case
understand that this is a long process
and sticking with it will make a huge
difference in the value of your claim
and the amount of money you can receive
as compensation for your injuries
you
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About this Video
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Nov 23, 2024 Last updated |
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