Insurance Claim Definition & Meaning | Insurance Term | CSIMarket
CSI Market
Sign In | Register

Glossary

Insurance Claim

Insurance Term

An insurance claim is a request made by a policyholder to a provider seeking reimbursement for a loss or damage that occurred during the coverage period of an insurance policy. It is a formal communication that outlines the details of an incident that caused the loss, the amount of damages incurred, and the coverage amount of the policy.

The process of filing an insurance claim typically involves the policyholder making a report to the insurance company and submitting supporting documents such as witness statements, police reports, and photos to provide proof of damage. The provider then assesses the validity of the claim, typically through an investigation, and determines if the policy covers the damages. If the claim is approved, the provider pays out the claim amount to the policyholder.

Insurance claims are used in the insurance industry as a means to protect policyholders from financial losses caused by unexpected events. It is a contractual agreement between the policyholder and the provider that helps mitigate risks and provides peace of mind to the policyholder. Insurance claims also help providers evaluate and adjust their pricing and risk assessment strategies to ensure financial stability and reduce fraudulent claims.


More Glossary Terms Beginning with I
  • I-joist
    An "I"-shaped engineered wood structural product designed for use in residential and light commercial floor and roof construction. The product is prefabricated using sawn lumber flanges and wood panel webs, bonded together with exterior grade adhesives. Forestry & Wood Products Industry Operating Statistics
    Manufacturing Term Letter: I
  • Illiquid Securities
    are securities that cannot easily be sold within seven days by virtue of the absence of a readily available market or legal or contractual restriction on resale. Certain restricted securities (such as Rule 144A securities) are not generally considered illiquid because of their established trading market.
    Financial Term Letter: I
  • Immunocytochemistry
    A method of detecting cancer in tissues. Monoclonal antibodies are used to stain the tissues and cells before examination under a microscope.
    Health Care Term Letter: I
  • Immunogenic
    Compounds that show toxicity levels equally at given doses.
    Health Care Term Letter: I
  • Immunoglobulin IgG
    IgG or Immunoglobulin are proteins found in human blood. This protein is called an "antibody" and is an important part of the bodys defense against disease. When the body is attacked by harmful bacteria or viruses, antibodies help fight these invaders.
    Health Care Term Letter: I
  • Imports
    merchandise of foreign origin or domestically produced goods that are returned to the United States with no change in condition or after having been processed and/or assembled in other countries.
    Economy Term Letter: I
  • In-license
    Acquiring the rights to a technology and the related know-how from an unrelated company or institution in order to further develop, commercialize or otherwise exploit the technology
    Economy Term Letter: I
  • In-vitro
    refers to the technique of performing a given experiment in a test tube, or, generally, in a controlled environment outside a living organism.
    Health Care Term Letter: I
  • In-vivo
    refers that which takes place inside an organism. In science, in vivo refers to experimentation done in or on the living tissue of a whole, living organism as opposed to a partial or dead one. Animal testing and clinical trials are forms of in-vivo research.
    Health Care Term Letter: I
  • Income Per Employee
    A ratio that measures companys productivity by dividing Income earned over the past twelve months, by the number of employees. Income Per Employee displays how much a single employee contributes to the net income of the company in the period of 12 months. Income Per Employee Formula = (Net Income / Employee)
    Fundamental Analysis Letter: I
  • Income Statement
    A financial statement that reflects the companys profit by measuring revenues and expenses. Statement of Income
    Financial Term Letter: I
  • Income Tax
    means any tax on or measured by the net income of a Party (including taxes on capital or net worth that are imposed as an alternative to a tax based on net or gross income), or tax which is in the nature of an excess profits tax, minimum tax on tax preferences, alternative minimum tax, accumulated earnings tax, personal holding company tax, capital gains tax or franchise tax for the privilege of d
    Financial Term Letter: I