Insurance Claims Process: From Loss to Indemnification
An insurance claim is the procedure by which a policyholder seeks payment for a loss covered under the terms of their policy. The process is governed by the principle of indemnification, where the insurer restores the insured to the same financial position they were in immediately prior to the loss.
I. The Five Stages of the Claims Process
While specific steps vary by the line of business (e.g., auto vs. life), most claims follow a standard lifecycle.
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