Insurance is a legal agreement or a contract and a way to manage risk which is represented by a policy, under which the insurance provider agrees to provide the policyholder with protection or reimbursement against losses and damages with financial security or payment.

Insurance policies are used as a hedge against the risk of monetary losses both large and small that may cause damage to the insured or their property.

TYPES OF INSURANCE

Health Insurance
Health insurance is for people who have serious medical issues and need regular medical care, should look for this policy as it provides medical care at pocket-friendly rates.

Home Insurance
Home insurance protects the house of the owner from damages a theft. Many banks before keeping the house as a mortgage ask to have full insurance coverage of the property.

Motor/Bike insurance
Motor/Bike insurance offers protection to the car or any vehicle a person has invested in, just in case of accident, theft or damage by natural disaster. People pay annual premiums for auto insurance.

Life insurance
Life insurance is like a legal agreement between an insurer [person providing insurance} and a policy owner. This policy ensures the policy owner that the insurer will pay an amount to the people named as beneficiaries when the policyholder dies in exchange for the instalments of premiums paid by the policyholder during their lifetime.

Travel Insurance
Travel insurance covers the cost and losses associated with travelling domestically and abroad

Disability Insurance
Disability insurance shields families from financial difficulty when illness or accidents prohibit people from working. Many companies provide disability insurance or a person can buy their own policy.

The Process of Insurance Claiming

One of the most important and significant services an insurance company may offer to its clients is claim settlement. The faster resolution of claims is the responsibility of the insurance-providing company. An insurance claim is a formal request that is made by the policyholders to the insurance companies, asking for payment based on the conditions of the insurance policy. The company reviews the claim and the documents related to it to check its validity and then pays the amount to the requesting insured party.

The step-by-step procedures of Insurance claims are mentioned below: –

 o Reach out to your broker

When it comes to one’s insurance policy, the broker involved in the policy is the point of contact as they are aware of the circumstances and know how to proceed. Once all the proofs are given to the broker of the damage or loss, i.e., photos and videos, an adjuster follows up the rest of the procedure and also identifies liable parties. Also, the party claiming may also provide witness for the same.

o Policy examination

The adjuster will carefully review the policy to determine what is and what isn’t covered under the insurance policy and inform the policyholder if any item is deductible or not from the claim.

o Damage evaluation

In order to calculate and evaluate the damages the insurance adjuster might work with appraisers, engineers or contractors to get the professional opinion and the adjuster can properly estimate the degree of the damage caused and might also give a list of recommended contractors to repair the damage. However, it is the will of the policyholder to get it repaired or claim the insurance.

o Payment is scheduled

The adjuster who has been throughout the process of claiming the policy and has examined everything will get in touch with the policyholder to discuss the settlement of the claim and payment. The complexity and gravity of your circumstances will determine how long will it take for the payment to be transferred to the party.

For any claim assistance call us at +91 8591976216