General

A Guide To Certify That Your Claims Are Successful

Insurance in Pakistan is something about which most people still don’t know. They don’t know the benefits, and facilities that the insurance products can provide them. Even the people with neck-deep states in business also hesitate to buy the insurance policy. But, the fact is that insurance policies are of great importance and can provide numerous benefits. It is still an illusion, and people are still curious about the issues related to insurance policies. The most prominent benefits that the insurance can provide is the coverage for the financial losses during harsh and problematic situations. Once you buy the plan, the company is responsible to handle all the financial loses but, certain do’s and don’ts always exist. Certain terms and conditions are must to follow, whether they are related to buying the policy or are about claiming procedures. This article is to target some important points that are essential to keep in mind while filing for the claim.

What is the Claim?

The claim is the procedure in which you try to alert the insurance companies about the loss, and want them to take action if that loss is covered on the insurance policy. In this case, they have to provide you with the decided amount to fulfil your needs in the time of loss. They will review your request and will see whether the loss is covered in the policy or not. To make them believe, you have to provide some relevant proof that can assure that you are not doing a false claim. After the proof, the process will start and the insurance company will clear all the terms and conditions. If the claim is recognizable the company provides the amount or replacing offer known as the benefit or payout. If you choose the right policy for yourself and the right company to buy the policy, you can get the maximum benefits. One other thing on which the benefits depends is your knowledge about the policy. Never buy the policy without proper knowledge. The insurance policy without knowledge is equal to the financial loses. In this regard, Insurance Aggregators can help a lot.

Is it Worth Claiming?

Claiming for the minor losses is not at all a smart move. It disturbs the record and makes the tenure of the policy difficult. This way, you will not enjoy much benefits and discounts at the time of renewal. Essential is to claim when needed. The irrelevant claim procedures will only affect the insurance record.

For Example: If the headlight if the car is damaged, then it is not something worth to claim. It is the minor damage for which you have to face a complete procedure. It only adds the claim procedure in your policy history and can affect your insurance policies in future.

Claim Handling Standards

Different companies have different procedures to handle claims, but there is some fixed standard that companies must have to follow. All the procedure lays under the General Insurance Code of Product. This code shows some steps that companies have to follow during a claiming procedure. The companies have to work according to the Insurance Association of Pakistan or SECP. The current version of SECP contains the following basic factors.

  • Capital market and corporate sector regulation
  • Regulation including supervision of Insurance Companies
  • Supervision and regulation of pension schemes especially, of private insurance companies in Pakistan
  • Oversight of some external services including; chartered accountants, credit rating agencies, corporate secretaries, brokers, surveyors etc

Importance of Collecting Evidence

Evidence is essential for filing the claim. Without evidence, it is not clear that the claim, you are filing is authentic or not. To make sure that the claiming procedure is genuine, companies want evidence from the people.

Be Honest and Truthful

It is essential to follow the phrase of Honesty is the best policy while filing for the claim. You can never lie to authority, but it can affect your insurance policy. You can face loses because of this act. Never lie about the loss and claims. If the insurance gets the idea about your fabrication act in the policy, or even in the tiniest part of the whole procedure. They can cancel all the benefits. It can even make your loss the part that you can trustfully claim. It is essential to be careful in this regard.

Get Some Evidence

The evidence can be of any type. You can collect any type of evidence like a doctor’s prescription n for the health insurance claim or any other evidence related to the hospital. The mechanical or accidental evidence like photos and FIR for motor insurance or more.

Role of Comet in Claiming Procedure

Comet has introduced the door to door claiming procedure. The expert help can provide you with the right guidance and can make the claim procedure easy for you. You can always consult the professional help of Cometinsure.com for better outcomes.

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