Interest, Subrogation, & claims

Question 1

Claim

Answer 1

asserting that they think they deserve indemnification based on insurance contract

Question 2

claimant

Answer 2

someone who has filed a claim

Question 3

what are the types of claims?

Answer 3

first and third party claims

Question 4

First party claim

Answer 4

filed by policyholder against their own insurance

Question 5

third party claim

Answer 5

someone filing a claim against someone else’s insurance for their damages caused by the action of the others

Question 6

what is the claims process

Answer 6

filing a claim
acknowledgment
investigation
evaluation
adjustment

Question 7

filing a claim

Answer 7

claimant contacts insurer and files claim

Question 8

acknowledgment

Answer 8

insurer acknowledges the claim and requests all info nessecary to prove loss

Question 9

Insurance adjuster

Answer 9

a representative of an insurer and handles claims until resolved

Question 10

Investigation

Answer 10

adjuster investigates claim and determines if it valid or not

Question 11

Evaluation

Answer 11

if claim is valid the adjuster evaluates it by looking at all provisions

Question 12

adjustment

Answer 12

insurer accepts or rejects claim and settle on the indemnity

Question 13

Insurable interest

Answer 13

direst financial interest in protecting something or someone

Question 14

Lender interest

Answer 14

the lenders financial stake in an insured item

Question 15

Lender interest provision

Answer 15

protect lender interest by allowing the lender certain rights in a policy

Question 16

Subrogation

Answer 16

the transfer of rights that allows the insurer to recover its losses after it has indemnified a policyholder. Policyholder still has the right to demand payment from guilty party for any more damages their insurer won’t pay due to coverage. And insure can only be indemnified of what they paid.

Question 17

Waiver of subrogation

Answer 17

takes away an insurer right to recover its losses after paying a claim