What does Claim mean? Read on to discover the definition & meaning of the term Claim - to help you better understand the language used in insurance policies.
A claim is a formal request to an insurance company for payment based on the terms specified in the insurance policy. The insurance company reviews its validity and pays upon approval. Alternatively, the insurance company could decline the claim or pay a lesser amount, depending on the circumstances of the claim.
We hope the you have a better understanding of the meaning of Claim.