What is the first step in the claims process?
The claims process begins when the policyholder notifies the insurer of a loss or damage event.
Who investigates an insurance claim?
A claims adjuster evaluates the details of a claim to determine the insurer's liability.
What is a 'proof of loss' document?
A proof of loss document provides formal evidence of the insured's claim for damages or losses.
What is subrogation in insurance claims?
Subrogation is the insurer's right to pursue recovery from a third party responsible for the loss.
What does loss adjustment involve?
Loss adjustment determines the amount of compensation payable under the terms of the policy.
What is a partial loss in insurance terms?
A partial loss occurs when property is only partially damaged and not completely destroyed.
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Why is accurate documentation important in claims?
Accurate documentation supports the legitimacy of the claim and expedites the settlement process.
What does the term 'claims settlement' refer to?
Claims settlement is the process of resolving a claim through payment, denial, or another remedy.
What is a catastrophic loss?
A catastrophic loss is a large-scale event, such as a natural disaster, causing significant insurance claims.