Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points
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A claim can be very simple or very complex to handle but in any case, it's crucial the insured follows the claims conditions in the policy.
Claim process is relatively consistent in big and small claims - initial intimation, gathering of facts, investigating the claim, declinature of claim, negotiation, settlement and the closure.
Correct classification of the claim details is very important for management information and managing the portfolios.
Leakage is a serious issue with any insurer. Leakage refers to where the claims team forgets to recover all that is owed to it i.e. recovering the excess, exercising its subrogation rights against a third party, obtaining contribution from another insured or obtaining cash against salvage items.
The sharing of a claim between two insurers is called contribution.
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