Today insurance is a highly developed field with various types of coverage and claim settlement processes. Individuals who take policies must pay regular premiums to the insurance companies. The premium to be paid depends on the value of the asset covered. Once a calamity occurs, then the claimant has the right to receive money from the insurance company.
When insurance claims are submitted, claims adjusting comes into play – the claims adjuster interviews the claimant, studies the hospital and police records, questions the witnesses and also visits the site of damage in order to assess the extent of the insurance company’s liability. There are several types of claims adjusters – the staff adjuster is the one who is employed by the insurance company; the independent adjusters are independent and not employed by insurance company; policy adjusters are the ones who are employed by the policyholder.
The claims adjuster studies the situation and determines if the claim made is reasonable or not, this is done so that there is no fraud involved. All the claims made may not be paid by the company. This happens if the premium is not paid in full, or another person is held liable and has agreed to pay for the damages. Usually the insurance companies take the word of the claims adjuster as final. The process is completed by a fair claim settlement made between both parties. Adjusters are thus hired by insurance companies and financial institutions to study the extent of loss. They act as a go-between for proper claim settlements.
There are different types of insurances based on the assets that are insured – like household insurance, motor insurance (for theft or accident), commercial insurance or personal insurance. Once damage is incurred the policy holder has to contact the insurance company immediately, they also have to inform the police and also take steps that further damage does not happen. Once the insurance claim adjusters visits the claimant, he has to assist him so that a fair claim settlement can be made that will reduce the financial burden.
hey there brit, very well written and intriguing post, i would love to have a say on accident compensation claim, Ask the assessor of damages from the insurance company to give you a complete copy of the report. Keep all documents together. You will need them for any accident claim. It is absolutely necessary to ask the damage assessor for a copy of his report (with all its notes) because it is increasingly common for insurers to move towards the concept of "paperless office."
ReplyDeleteInsurers make mistakes occasionally, and you may be charged more than necessary by an accident, although it was not your fault. If you have a copy of the report, it is likely that your insurer does have documents for the time you make your own claim, weeks or months after the accident. However, if you are litigating against an insurer, you cannot expect that they start to deliver copies of documents to you. So, ask for any copy of any document in advance, before even thinking about litigating against them.