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There’s no insurance that is universal hence there are hundreds of insurances available to cover you depending on your different types of needs. Since you were already introduced to the kinds of insurance, you are now ready to learn the things you ought to know about the insurance process. You may want to continue reading as this could save you in the future.
The Insurance Process
Normally, an insurance process can be divided into five stages namely: The Incident, Claiming Process, Internal Review Process, External Review Process, Court Process and lastly the Payment Process. This is not to mention that this can be a long and significantly difficult task too.
First Stage: The Incident
This is called an insurable event. For instance, you own an insured home, any circumstances that destructs your own home is an insurable event. It could be when your house is flooded, it catches fire, or even when a window is broken. Or, if you have luxury car insurance, an insurable event would be if your car gets damaged. This could be from a natural disaster, theft or an accident.
Second Stage: Claiming Process
After the insurable event, this is practically the initial step to recover the insurance. The first thing you’d want to do is to contact the insurance company. Nonetheless, there is no need for you to fret and rush. You have to completely compose yourself so that the call will go smoothly. Try to be mindful of these tips:
- Calm yourself. Be a calm assertive leader.
- Provide a short chronology narrative.
- Speak facts.
- Avoid uttering irrelevant information.
A consultation from a lawyer is an ideal step to smooth all your statements, however, not everyone can afford to have private lawyers so you have to keep in mind that the call will probably be recorded and your statements might be used against you. After the call, the insurance company will start to identify which claims provided, such as workers compensation claims, could be denied. The company will begin an investigation as well to prove, deny, or claim.
An adjuster will investigate your claim. They will determine the quantity of losses or damages that will be covered by insurance. More so, they will identify all liable parties. You can assist this process by offering witness information and providing contact information for related parties.
Third Stage: Internal Review Process
The insurance company is required by law to have an internal review process. It is with great importance especially if your claim was denied. The review process will possibly be reviewed by a person in the same company but not the same person that originally handles your case. Insurance companies don’t usually alter their first decision except if the decision to deny your claim was obviously incorrect.
Fourth Stage: External Review Process
You can proceed to the fourth stage if you’re expressively unhappy with the second decision. In this stage, the issue between you and the insurance company will be tried to resolve by the Australian Financial Complaints Authority. A compromise agreement between the two parties might happen as they will try to facilitate a negotiation. The AFCA can decide if the insurance company should cover your insurance or not, such as digital insurance, either way, both parties should comply and they are not bound by the decision. Lastly, you can proceed to Stage 5.
Fifth Stage: The Court Process
Gibbs Wright Litigation lawyers will help you win this case. The fact that you have the insurance with the company, this can be used with a narrative that the company broke the contract as it failed to compensate you. Visit www.gibbswrightlawyers.com.au for more information about how you can protect yourself.
Sixth Stage: Payment Process
Finally, repairs have been completed and damaged or lost items have been replaced. Then, you will be contacted by your adjuster about the settlement of your claim and credit card payment. It could take some time to receive your payment depending on the claim complexity or your situation severity.
