Insurance is one of the major instrument and tool in money market in financial world. It is mainly an equal transfer of risk of loss, which is mainly from one entity to another in lieu of payments. There are two major factors associated with insurance which you need to keep in mind. One is time of coverage and another one is the premium need to be paid. Insurance comes with a fixed time and for that fixed interval of time you will be under security coverage. You need to pay certain amount of money against this policy monthly or quarterly or annually. Insurance is mainly a risk management tool which is mainly used to prevent uncertain risk and uncertain losses. The company, which has mainly issued or selling the insurance is known as insurance carrier or insurer. And the person who is under this insurance coverage is known as insured. This insurance is sometime referred as policy and hence the holder of this policy is referred as policy holder. Insurance is a legal document which can vary in terms of coverage time, policy amount and various terms of conditions. Before entering into any legal policy you need to take insurance legal advice from a lawyer. A fantastic read to understand the terms and conditions of a policy before you can make an insurance claim.
There are different types of insurance available in money market. These different types of insurance cater individual need of a customer. Some types of insurance are life insurance, health insurance, auto insurance, general insurance etc. The amount of money which you will pay for certain period of time under the coverage is known as premium. The insurance policy is basically a contract between insured and the insurance company. Any dispute regarding this insurance policy will solve by an insurance lawyer from both the side. It involves various terms and conditions, which if fulfill the insured will be compensated financially.
To materialize your insurance policy you need to claim for it from the insurance company. Insurance claim can be filled directly by the insured or through any agents. All insurance company has their own claim investigation department, who investigate each claim request. The policyholder can also hire perfect lawyers for insurance claims who will negotiate on behalf of the policy holder and will make settlement of the policy. If your insurance is very much complicated, where the claim can be very complex, you can take a separate policy which will act as add on. This adds to an insurance policy is known as loss recovery insurance. This only covers the public adjuster cost in spite of the claim.
Based on case to case the insurance company mainly decide how much amount will be payable to you. There are many consultant lawyers for insurance claims are available to negotiate and to solve any dispute if happen. If any dispute found during the validity of a claim, it can escalate to litigation. The insurance claim is just a formal request which is often made to an insurance company to make payments based on the terms and conditions of the insurance policy. Than further it is reviewed by the insurance company. Keep in mind that only those people who are listed in the policy are legally eligible to receive the claim.