Claims are an integral part of insurance business. Claims are paid out of the insurance fund of the insurers. Insurance fund is a pool to which the members of the insuring public contribute by way of premium and from which the losses suffered by a few are indemnified. Hence, it is. Necessary for the insurers to ensure that the losses are kept to a minimum, if not eliminated altogether, not only from their business point of view but also from the point of view of national economy. while dealing with claims' therefore, the insurers have to discharge a three-fold obligation as follows :
In order to fulfil the above obligations, the insurers usually incorporate conditions and warranties in the policy which stipulate the duties to be performed by the insured in the event of a loss.
Besides the above duties, an obligation is also cast on him throughout the current of the insurance to take all reasonable steps to safe-guard the property insured and to maintain it in efficient condition.
The following duties are cost on the insurers:
On receiving intimation of a claim an entry is made in the claims intimated register. The particulars to be entered in this register are as follows:
The register assists the insurers in knowing the number and amount of claims intimated during a period, and in ascertaining on a particular day how many claims remained outstanding and for what amount. This helps keep a continuous watch over the outstanding claims, for their review and follow-up.
After allotting a claim number and making an entry in the claims intimate register, it has to be ascertained whether, prima facie, the claim falls within the scope of the policy. If this is not so, the claimant has to be advised promptly that the claim does not fall within the purview of the policy.
If the claim appears to fall within the policy, the insurers ask the insured to submit some papers/documents relating to the claim concerned. The papers varies in claim to claim considering its merits.
Some Important claim documents in certain classes of business:
Khondaker Fakrul Alam
Deputy General Manager
Camellia House, 22 Kazi Nazrul Islam Avenue,
Cell : 01819-202923
E-mail : email@example.com