Claim
Definition
A formal request to an insurance company asking for payment based on the terms of the policy. Filing a claim triggers the insurer's obligation to investigate, evaluate, and either pay or deny the claim within the timeframes required by your state's insurance regulations. Understanding the claims process is essential to protecting your rights as a policyholder.
When This Matters
A tree falls on your roof during a storm. You file a claim with your homeowners insurer, who sends an adjuster to assess the damage and determine your payment.
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