Claim
A request for payment under an insurance policy after a covered loss.
Filing is not automatically the right move: an at fault claim can raise future premiums by more than the loss itself, which is why a small covered loss is sometimes paid directly instead.
Often Confused With
- Premium
- A claim is money requested from the insurer; a premium is money paid to the insurer.
Taught In
See Also
5.2.B.2