Generally one has to file several types of insurance claims throughout one’s lifetime. The basic process of filing a claim is near about similar to most insurance lines. It’s just that the details vary widely. You’ve got to be well equipped in advance to understand the common types of insurance claims and how they’re similar to and different from each other. Read on to find out more.
What Are the 5 different types of insurance claims?
The best equipment is to gather as much knowledge as possible about the different types of insurance claims and how you should go about it. Enlisted below are 5 common types of insurance claims and the process involved with each.
If it so happens that you or someone else is injured, be it an auto accident or otherwise, you should report this to your insurer and you’ll have to reply to questions regarding the loss. Your medical reports need to be submitted to your insurer. Also, there are times when you might have to give personal interviews to an adjuster. In general, injury claims are known to be settled by a typical lump sum. This is the reason why settlements like this sometimes take a longer period of time to come as all medical treatments have to be dealt with first.
2. Health insurance
Your medical provider might’ve directly provided your insurer with your health insurance claims. In fact, health insurance claims happen to be the only claims that you don’t have to file by yourself. Now, health insurance contracts are known to have a wide difference between states as well as companies. However, the fundamental principle is that your insurer will pay for medical charges only based on your insurance terms and conditions. You’ll have to pay for all the charges that your insurer doesn’t cover.
3. Life insurance
Please understand that you’ll always be filing life insurance for someone else, unless and until you’ve got some endorsement that’ll give you some of the life insurance benefits before your death. Generally you’d need some information regarding the deceased person that would include the policy information of the deceased person along with proof of death as well as particulars about the reason for death. Insurers generally provide death benefits by putting the money in a trust account from where the funds will be available. There are other options too.
4. Physical damage to vehicle
Always call your insurance company and report the loss in case there’s any physical damage to your vehicle. Be prepared to answer a lot of questions about the accident details. The inspector will come to inspect your car. He’ll determine whether or not the damages to your vehicle are repair worthy or if it’s a complete loss. After that, the inspector will either you provide you a check for reimbursement of your damages, or else start with the total loss process.
It’s best to be prepared for all probable situations in life as much as possible, and that includes knowledge about insurance claims as well. Remember, it’s always better to be safe than sorry.