Procedure of claiming compensation

Business studies study module
  • Notification to the insurer-The insurer has to be notified about the occurrence of any incident immediately.
  • Filling a claim form-The insurer provides the insured with a claim form which he fills to give details of the risk that has occurred
  • Investigation of the claim-The insurer arranges to investigate the cause of the incident and to assess the extent of the loss incurred. The insurer is then able to establish whether the insured is to be compensated and if so, for how much.
  • Payment of claim-On receipt of the report of the assessor, the insurer pays the due compensation to the insured. (Payment of the compensation shows that both the insurer and the insured have agreed on the extent of the loss and the payment is the settlement of the claim)

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