Business Insurance Settlement of claim

[Mataracy]

Under insurance policy when all the information necessary is obtained during the loss of property and the investigation carried out by the insurer reaceals that there is a liability on the insurers, payment should be made immediately. Once the claim is discovered to be valid , it is useless delaying settlement . such delay will only result yo loss of goodwill and possible future loss of business which will affect the company adversely. Prompt claims settlement serves as a good advertisementof the reputation and good image of the insurer.
Where a claim is admitted. Settlement might be made by cash, replacement, repair or reinstatement. However , where a claim is not admitted, the insurer has to inform the insured or claimant of their inyention instead of undue delays which might as well earn them bad image.
For a proper insight into the fiels s of claims management by the insurer, itvis expedient yo look into the procedure or processes involved in the handling of claims in the major classes of insurance business.

 

[btaliat]

Prompt payment of settlement claim is an advantage to the reputation of the insurance company. It is only a company that is either not competent or has shady dealing that may be delaying settlement. Except in a case where the loss has not really been validated or the investigation is still ongoing.

 

[Mandy96]

Sometimes complications do occur and it will require more than just the information for the claim to be discovered and be valid. Anyways I will say the best thing to do in situations like this is to show up in person and make sure you have all the information required.

 

[Wisdom01]

Yeah the insurance company needs to make the claim to the insurer after it have been verified , most times some insurance companies usually give specified date to make the claim as it is always visible in their terms and conditions and it should be accepted before anything else I think

 

[Chibson]

Of course insurance companies always carry out necessary investigation before paying any insurer because there are some people that will lie in order to get money from the insurance company. The insurance companies are running businesses and therefore they must do everything possible in order not to be treated by unscrupulous people.