Claim Settlement

Claim settlement refers to the process of resolving a claim made by an insured individual or entity after an event occurs, such as damage or loss. When a policyholder files a claim with their insurance company, the insurer reviews the details, investigates the circumstances, and determines whether the claim is valid and how much compensation is owed. Once an agreement is reached, the insurer pays the policyholder or a third party the agreed-upon amount. This process ensures that the insured receives appropriate financial support for their losses based on the terms of their insurance policy.