What is insurance compensation?
Insurance - a phenomenon that is not one dozenyears exists in the field of financial relations. The opportunity to receive compensation in the event of a situation stipulated by the insurance contract can become quite tangible support. In our country there are two main types of insurance - compulsory and voluntary. One of them dealt with each of us, over the right to take advantage of others, many still wonder. The knowledge of ordinary people in the subtleties of terminology and the whole process is very fragmented, and sometimes unreliable.
We will analyze one of the basic concepts in the sphere of providing insurance services, which is insurance compensation. What does this concept mean, what is it defined?
Insurance compensation is athe actual amount that will be paid to the client of the company in the event of an event or a situation stipulated by the insurance contract. On the example of the same insurance of motor third-party liability, it can be noted that the amount within which the damage caused by an accident will be compensated, and there is an insurance indemnity.
Naturally, the amount of cash that is payable, can be adjusted taking into account a number of conditions:
- The amount of compensation can not exceed the costdamage that actually was inflicted on the property of the insured, unless the contract provides for the payment of a specific amount, regardless of the circumstances.
- Reimbursement will also be reduced if the insurance amount of the object is lower than its insured value (unless otherwise provided by the insurance policy).
- In case of insurance of one object from several insurers, insurance compensation received from all insurers can not be higher than the actual value of the property.
- The amount of compensation is subject to payment regardless of payments under other contracts (social payments or compensation for harm to health).
In modern reality, cases when the policyholder is denied payment of insurance compensation are not uncommon. Such a decision may be caused by the following circumstances:
- Untimely notification of the company about the occurrence of the insured event.
- Incomplete package of documents provided as confirmation.
- Corrections in the insurance policy.
- Non-insurance case.
These are the most common reasons that insurancecompanies are put forward as arguments for refusing to pay. As for car insurance, there the list of reasons for refusal or incomplete compensation is more extensive.
If the customer doubts the legitimacy of suchactions on the part of the insurance company, he can resort to such a procedure as recovery of insurance compensation in court. In order to guarantee themselves legal support and assistance, the most accurate will be an appeal to legal services. Independent recourse to a court can not always be successful, because insurance companies contain a fairly large staff of lawyers who can make you doubt the validity of claims. An independent specialist will help you to understand the intricacies of the case, assess the chances of his permission in favor of the client, and give detailed instructions on what documents must be collected to file an application with the court.