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Insurance Glossary

Claim

Claims

Definition

A formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.

Definición en Español

ES

Reclamo / Reclamación

Una solicitud formal del asegurado a la compañía de seguros para obtener cobertura o compensación por una pérdida cubierta o evento de póliza.

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Related Terms

Adjuster
A person who investigates claims and recommends settlement options based on estimates of damage and insurance policies held.
Coverage
The scope of protection provided under an insurance policy, including the types of losses and risks that are covered.
Deductible
The amount you must pay out-of-pocket before your insurance coverage begins to pay for covered losses.
Arbitration
An alternative to going to court where a neutral third-party is used to settle a dispute between an insurer and a policyholder, typically regarding claim settlements or coverage interpretations.
Claimant
The person or business that makes a claim to the insured person or their insurance company, seeking compensation for damages or losses.
Subrogation
The legal right of an insurance company to pursue a third party that caused an insurance loss to the insured, allowing the insurer to recover the amount of the claim paid to the insured. This right is transferred from the insured to the insurer upon payment of the claim.
Salvage
Property that remains after an insurance claim has been paid, which the insurance company may take ownership of to offset the claim payment. Common in total loss situations where damaged property still has residual value.
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