claim administration - ANSWERThe insurance function that is responsible for evaluating, processing, and paying valid claims for contractual benefits that policyowners or beneficiaries present. Also known as claim adjudication, claim handling, claim processing, or claim servicing.
interpleader - ...
claim administration - ANSWERThe insurance function that is responsible for evaluating, processing,
and paying valid claims for contractual benefits that policyowners or beneficiaries present. Also
known as claim adjudication, claim handling, claim processing, or claim servicing.
interpleader - ANSWERIn the United States, a procedure by which an insurer pays a policy's proceeds
to a court, advises the court that the insurer cannot determine who should receive the proceeds, and
asks the court to determine the proper recipient or recipients.
Model Unfair Claims Settlement Practices Act - ANSWERIn the United States, a National Association
of Insurance Commissioners model act that specifies a number of actions that are considered unfair
claims practices if committed by an insurer (1) in conscious disregard of the law or (2) so frequently
as to indicate a general business practice.
claim form (or statement) - ANSWERA document containing information about a loss under an
insurance policy that is submitted to an insurer to begin the claim evaluation process. Also known as
a claimant's statement.
claim philosophy - ANSWERA statement of the principles the insurer will follow when conducting
claim administration.
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