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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Insurance Claim


Synonyms:claim, policy claim
Filed Under: insurance
Tags: insurance
 

Definition of insurance claim

insurance claim
1. 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

Related Terms and Acronyms:

  • general account (GA)   Investments and assets that an insurer uses for paying benefits and claims.
  • health insurance (HI)   Insurance that covers the costs of medical expenses for insured persons.
  • insurance proceeds   The benefits received by an individual after a claim has been verified.
  • inventory   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.
  • life insurance   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)   Expenses incurred by loss adjusters when they investigate and settle claims.
  • occurrence   An event that triggers the need for insurance coverage.
  • peril   Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
  • travel insurance   Insurance that covers a number of events that can occur when an individual is travelling out of the province or country.
  • underinsurance   When the amount of insurance coverage on an asset is less than the asset's full value.

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