Are you familiar with the insurance claims process of the policies you opted for? Trust me; it’s crucial to be. Insurance is your way to hedge against the losses you might face in this unpredictable life.
No matter how robust your risk management is, what has to happen just happens. That’s why insurance is an important part of modern lives. Your insurance is your contract with a company that gives you a financial reimbursement for a loss of a person or thing. You pay for your policy regularly in small packets and get covered for a big loss if the unfortunate happens.
The complete insurance claims process
Just when the adverse happens, the insurance claims process times knocks your door. And you need to respond quickly. You bought the policy for a financial help against this loss, and hence you need to get the claim asap. Won’t it be a great relief to know the complete claims process beforehand? We do care for you as we have brought the absolute step by step guide to help you perform the process.
Step 1. Act promptly
The very first move obviously is to act as soon as you can when the tragedy strikes. Your policy states a fixed time within which you can notify your insurance providers about the disaster. As you inform them about your tragedy, they send you a claims kit including a claims form. You have to fill the form with all the necessary details and send back to the company.
Step 2. Claim assessment
On receiving the claim form, the company starts the evaluation of all the details you provide. Your claims form and other supporting documents such as the medical reports in case of medicals insurances undergo a strict scrutiny. In some cases, your claim manager may want to see you for more information about the case. They will let you know what information they want and why that’s important. The company pays if it makes you take up any additional process.
Step 3. Decision
Next, the company makes a final decision on your claim. In most cases, the decision comes within just a few weeks. For some complicated ones, it may take a while longer. Your application rarely gets denied for instance if you hide a pre-existing medical condition for your heath insurance.
Step 4. Claim Management
A majority of insurance reimbursements coma as a lump sum. But there are also some that don’t. For the claims related to business expenses and income protection, yo get monthly benefits and not a lump sum. So for such cases, you need to be in contact with your manager for your claim period.
So this was the complete insurance claims process that would help you in bad times. Get familiar with it and ensure a backup for your tragedies. Stay insured. Do not forget to share the article to help others.