Nigel Munt- Everything about Insurance Claim

1. Nigel Munt- Everything about Insurance Claim Introduction An insurance claim is a claim by the claimant or policyholder for the insurance benefits of the covered loss when the unexpected happens. This mishap can be anything covered by the insurance policy, ranging from an automobile accident to death. The insurance company can decide to either accept or refuse the claim. If the insurance company accepts the claim, it will issue a lump sum payout to the policyholder. In most insurance claims only the policyholder or the person whose name is in the policy, can reap benefits. In some cases, a third party has the right to claim insurance benefits. Let us find out more about insurance claims in this article. Mechanism of Insurance Claim An insurance claim protects an insured person or the policyholder by indemnifying all financial or other types of losses. The policyholder pays the premium during the signing of the insurance contract between the insured person and the insurance company. Common insurance claims include loss of limb, or life, automobile accidents, medical negligence cases, and property damages.

2. Nigel Munt- Everything about Insurance Claim Different circumstances such as natural disasters like earthquakes, floods, and tsunamis, speeding tickets, and low credit ratings will result in an increase in your insurance rate even if the latest claim was made for the damage you didn’t cause. Some claims such as dog bites, injury claims, sip, and fall cases tend to increase your rate and can also impact your credit rating negatively. While auto-mobile cases may not significantly impact your premium. Types of Insurance Claims There are several types of insurance claims. Some of them are listed below:- Health Insurance Policy Surgical procedures and hospital stays can cost an arm and a leg. Hospital bills are sometimes out of an average layman’s budget. Hospital insurance policies indemnify or cover the costs of surgical procedures and hospital stays which would otherwise cause crippling financial damage to the policyholder. These claims are simple to file. All you need to do is to provide the record of hospital bills and your personal records. Property Claims Property claims cover or protect against any anticipated damage or peril to your property. A house is one of the most valuable assets a person can own in their lifetime. However, in this type of claim, the burden or onus of proving the damage is upon the policyholder, the claim adjuster will then access the damage to the property and after assessment and verification, the claims adjuster may compensate or reimburse the damage. Life Insurance Claims Life insurance claims generally take 30-60 days to compensate the beneficiaries of the deceased person. To claim life insurance, the insurance company requires the death certificate, claim form, and often a claim policy for the deceased person. The person can be barred to receive the coverage amount of the life insurance in case of the suicide or death of the policyholder because of a criminal act.

3. Nigel Munt- Everything about Insurance Claim Conclusion Before filing any sort of claim, it is highly important to take professional legal advice from your insurance claim lawyer. Mr Nigel Munt is a specialized senior insurance claim lawyer. He has assisted 100s of clients in these years to maximize their coverage entitlements. Contact them today.