Insurance Claim

Definition

• An application made from the insured, or the insured's beneficiary, requesting payment from an insurance company, according to the terms of an insurance policy. Once an adjuster has verified a claim, valid claims are paid out to any claimants

Synonyms
claim, policy claim

Related Terms and Acronyms

• Claims Adjuster — Definition,
  • An individual who ascertains the insurer's liability after an insurance claim has been made.
• Fake Claim — Definition,
  • An insurance claim made fraudulently.
• General Account (GA) — Acronym, Very Important,
  • Investments and assets that an insurer uses for paying benefits and claims.
• Health Insurance (HI) — Acronym,
  • Insurance that covers the costs of medical expenses for insured persons.
• Incurred But Not Reported (IBNR) — Acronym,
  • An estimate of how much an insurance company owes to policyholders for losses that have already occurred but have not yet been reported.
• Insurance (insur) — Abbreviation,
  • An arrangement where one party provides financial protection to another party for specific damages or losses.
• Insurance Fraud — Definition,
  • An illegal attempt by an individual or entity to receive insurance benefits that they would otherwise not be entitled to or for an insurance company to deny a legitimate insurance claim.
• Insurance Policy — Definition,
  • A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
• Insurance Proceeds — Definition,
  • The benefits received by an individual after a claim has been verified.
• Inventory — Definition,
  • Stock on hand in the form of goods ready for sale. Also includes raw material in the process of being manufactured or completed for sale.
• Legal Reserve — Definition,
  • The legally mandated minimum amount of money an insurer must keep liquid in order to satisfy its obligations to policyholders.
• Life Insurance — Definition, Very Important,
  • An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
  ➥ CanEquity offers life insurance.
• Loss Adjustment Expenses (LAE) — Acronym,
  • Expenses incurred by loss adjusters when they investigate and settle claims.
• Loss Control — Definition,
  • The combined efforts undertaken by both the insurer and the insured to lower the risk, frequency and extent of potential losses.
• Loss Payee — Definition,
  • An entity that is legally entitled to the benefits of an insurance claim.
• Loss Ratio — Definition,
  • A method of comparing an insurer's losses to premiums earned in a specific period of time.
• Loss Reserve — Definition,
  • A reserve of money and liquid assets set aside by an insurer for the payment of claims that have been submitted but have yet to be paid out.
• Loss Settlement Amount — Definition,
  • The percentage of damages an insurer is contractually obligated to pay for after a claim.
• Losses Incurred — Definition,
  • The total net losses of an entity in a year.
• Non-Scheduled Personal Property — Definition,
  • Assets considered common enough that they are automatically covered by property insurance without the need for an appraisal or receipt.
• Occurrence — Definition,
  • An event that triggers the need for insurance coverage.
• Peril — Definition,
  • Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
• Qualifying Event — Definition,
  • An event that qualifies for insurance coverage.
• Travel Insurance — Definition, Very Important,
  • Insurance that covers a number of events that can occur when an individual is travelling out of the province or country.
• Ultimate Net Loss (UNL) — Acronym,
  • The final sum that an insurer is required to pay a policyholder after they have filed a valid claim.
• Underinsurance — Definition,
  • When the amount of insurance coverage on an asset is less than the asset's full value.
• Unfair Claims Practice — Definition,
  • The act of an insurance company avoiding or reducing valid insurance claims.
• Value Reporting Form — Definition,
  • A form used to keep track of a business's current inventory value.
• Wear and Tear Exclusion — Definition,
  • A provision that absolves an insurer from paying for damages resulting from an asset's normal wear and tear.