Insurance Claim

AAA

DEFINITION of 'Insurance Claim'

A formal request to an insurance company asking for a payment based on the terms of the insurance policy. Insurance claims are reviewed by the company for their validity and then paid out to the insured or requesting party (on behalf of the insured) once approved.


INVESTOPEDIA EXPLAINS 'Insurance Claim'

Insurance claims cover everything from death benefits on life insurance policies to routine health exams at your local doctor. In many cases, claims are filed by third parties on behalf of the insured person, but usually only the person(s) listed on the policy is entitled to claims payment.


RELATED TERMS
  1. Ambulance Chaser

    In insurance, a derogatory term for lawyers and other service ...
  2. Underinsured Motorist Coverage

    An auto insurance policy provision that extends coverage to include ...
  3. Fake Claims

    The term fake claims refers to insurance claims that are made ...
  4. Collision Insurance

    A type of auto insurance coverage. Collision Insurance will reimburse ...
  5. Contract Holder

    An individual or organization who owns the rights to a debt or ...
  6. Premium

    1. The total cost of an option. 2. The difference between the ...
Related Articles
  1. Insurance

    Who are the best-rated home insurance companies in the US?

    Learn about the top rated home insurance companies in the United States based on customer satisfaction surveys. See how customers rank the top insurers.
  2. Insurance

    What's the difference between a grace period and a run out period?

    Find out what a health flexible spending account is and what a grace period and run-out period are and why they are so important to those who have an FSA.
  3. Insurance

    Can I Get Life Insurance?

    Find out what you can do to get the coverage you need for the right price.
  4. Home & Auto

    How An Insurance Company Determines Your Premiums

    Find out how insurers use credit history to build an insurance score and how it could affect your bottom line.
  5. Budgeting

    12 Car Insurance Cost-Cutters

    If car costs are dragging you down, find out how to free yourself from some of the extra weight.
  6. Home & Auto

    Insure Your Future With A Career As An Actuary

    If you've got excellent math skills, they can add up to a lucrative career as an actuary.
  7. Home & Auto

    The History Of Insurance In America

    Insurance was a latecomer to the American landscape, largely due to the country's unknown risks.
  8. Insurance

    Will Filing An Insurance Claim Raise Your Rates?

    An accident can mean higher insurance costs - even if it wasn't your fault.
  9. Insurance

    Selecting And Managing Insurance Payouts

    Find out which settlement option is right for you before you recieve your funds.
  10. Options & Futures

    How To Avoid Taxation On Life Insurance Proceeds

    Decrease the value of your taxable estate and prevent the tax man from getting you one last time.

You May Also Like

Hot Definitions
  1. Command Economy

    A system where the government, rather than the free market, determines what goods should be produced, how much should be ...
  2. Prospectus

    A formal legal document, which is required by and filed with the Securities and Exchange Commission, that provides details ...
  3. Treasury Bond - T-Bond

    A marketable, fixed-interest U.S. government debt security with a maturity of more than 10 years. Treasury bonds make interest ...
  4. Weight Of Ice, Snow Or Sleet Insurance

    Financial protection against damage caused to property by winter weather specifically, damage caused if a roof caves in because ...
  5. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  6. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
Trading Center