Page 445 - IC38 GENERAL INSURANCE

Summary

a) Settling claims professionally is regarded as the biggest advertisement for an
insurance company.

b) Policy conditions provide that the loss be intimated to the insurer
immediately.

c) If the claim amount is small, the investigation to determine the cause and
extent of loss is done by an officer of the insurer. But for other claims it is
entrusted to independent licensed professional surveyors who are specialists
in loss assessment.

d) In general the claim form is designed to get full information regarding the
circumstances of the loss, such as date of loss, time, cause of loss, extent of
loss, etc.

e) Claims assessment is the process of determining whether the loss suffered
by the insured is caused by the insured peril that there is no breach of
warranty, the quantum of loss suffered by the insured and the insurers
liability under the policy.

f) Settlement of the claim is made only after obtaining a discharge under the
policy.

g) Arbitration is a method of settling disputes arising out of contracts.

Key terms

a) Intimation of loss
b) Investigation and Assessment
c) Surveyors and Loss Assessors
d) Claim forms
e) Adjustment and Settlement
f) Disputes in claim settlement
g) Arbitration

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