Compliance with legal formalities and documentation remain major concerns of any project. Selection of insurance policy is basic requirement, when the individual thinks of risk analysis and management. Processing and settlement of a life insurance claim is significant part of risk management system. Here, the insured is required to fulfill the given terms and conditions mentioned there in the contract. Failure to comply with the requirements may leave the claimant frustrated without any payment of money. So, proper and timely settlement of a claim is equally essential, as far as processing of a life insurance claim is concerned.
The settlement of claims process generally involves the following steps. The procedure explained below can help the client settle such life insurance and disability claims properly. This process starts from intimation of claim to the final settlements.
Advising the company of the claim
Contact the insurance company and seek the required advice to make a successful claims settlement. Provide them accurate details with respect to the policy number, name of the owner, type of the claim, correspondence address, details of the claimant and so on.
Completing the claims form
Once the claimant contacts the insurance company, it will send him/her the relevant forms and documents to be fulfilled. Then the claimant is required to submit necessary documents for processing of the claim. Submit relevant medical details and information to ensure proper assessment of claim. The claims consultant will review all the forms filled by the person and will ask for additional information that they are looking for.
Assessment of the claim
Once the claimant comply with the initial procedural formalities, it becomes easy for the insurance company to process the claims faster. Unless the applicant completes and supply the insurer with all essential data, the insurer cannot arrive at any certain decision in this regard. Sometimes, it takes much time for case assessment. The length of time varies according to the circumstances. So, it is good to contact the insurance company as early as possible. The insurer needs to carry out some basic investigations and ensure the required compliance of the details before going further. Generally within six months, the company is required to do necessary calculations with respect to the loans taken on such policy to determine the exact amount of payment to be made.
Thus, though life insurance processing claim varies from company to company, the generalized process involves the above mentioned steps. So, before filing a claim, understand the basic things to be done so that you can get benefited with the claim insurance benefits. Legal formalities and furnishing of important document is essential to manage your claims in the best possible way.