Some types of insurance claims are pre-existing condition claims (such as for auto insurance) and post-loss claims. Pre-existing condition claims are any claim that relates to a condition or property that existed at the time a policyholder purchased a policy. The condition must be at least two years old when the policy begins, and the condition must have existed at some point in time when the policy was written. Examples of pre-existing conditions are medical problems that existed before.
The company may deny a claim or it may pay in full, for a varying number of reasons. These reasons include: the loss being covered by another insurance policy; a premium deficiency; the occurrence of a covered event was not foreseeable; or the claimant's failure to prove loss.
The term insurance is often used to refer to all financial instruments providing compensation for a financial loss or event, whereas the term insurance agent typically refers to a paid insurance agent who is independent of the company providing the insurance coverage. The insurance claim process is a process for settling claims with insurance companies. After a loss, a damaged or broken property or its contents must be assessed to determine the financial implications of the loss.
The majority of property insurance policies, like auto insurance, provide coverage for certain kinds of losses, such as damages to personal property or vehicles, as well as theft. Other forms of insurance include disability insurance, long-term care insurance, life insurance, accidental death and dismemberment (AD&D), and umbrella policies. A homeowner's insurance policy generally covers the owner's personal belongings, such as furniture, clothing, computers, jewelry, and personal effects.
Insurance companies have various policies, terms and conditions that are often non-negotiable, with certain exceptions. Insurance companies also often have different requirements for both business and personal policies, including coverage limitations, coverage limits, minimum/maximum benefit levels, annual limits, deductibles, levels of coverage and other features, sometimes also including usage limits and annual caps. Some policies require that customers carry a policy that covers two years
It is also referred to as an insurance claim. Not every claim is a coverage claim. A collection of insurance claims involve person-to-person collection of insurance claims made by a policyholder to a policyholder and one made by the insurance company to the insured for payment of the claims made by the policyholder. A similar terminology is often used for collections of other kinds of claims, such as reinsurance claims, insurer claims, natural disaster claims, and personal injury claims.
Most standard U.S. insurance policies provide coverage for contents and damages to the property and liability for individuals, property or personal injuries in excess of $1 million. For homeowners' insurance, damage to a structure is usually not covered, while damage to contents or the personal injury of any person may be covered. While some policies provide some form of reimbursement, in practice this is extremely rare.
There are lots of ways to mitigate catastrophe losses in real estate. For example, those who could lose their primary residence or second home can make a cash purchase in an adjoining community and not expose
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