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Insurance claims should be asserted "as soon as practicable", which is the term usually used in the policy. This means, ASAP given all of the circumstances.
Among the problems caused by delay, and which can result in the denial of the claim, is that the insurer is not given enough time to investigate the circumstances of the claim. Another is that the insurer may determine that another person or entity is At Fault for the loss. Even if the insurer pays the claim of its insured, it has the right to recover its payment from the wrongdoer through the process of subrogation. The fast report of a claim will help ensure the preservation of evidence (material evidence, pictures, witness statements, etc.) that may assist in the subrogation claim.
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When should you submit a claim to a secondary insurance company?
After you have received the Explanation Of Benefits (EOB) from your primary carrier if there is coordination of benefits. If the secondary insurance is an indemnity you do not need to wait.
What is the accounting treatment for insurance claim for goods lost by fire?
Treatment of goods lost by fire etc. and insurance claim thereof :--Goods worth Rs. 10,000 lost by fire. Insurance claim is yet to be received for Rs. 6000.In this circumstance, goods worth Rs.10,000 (which is lost by fire) is to be credited in trading account separately ( not to be clubbed with closing stock).Then since Rs.6000/- is to be received by insurance claim. (so we are not received ,we have to receive)so this should be posted at asset side of the balance sheetRs.4000/- to be debited in profit loss account.(Because its a loss)
How long do you have to file a car insurance claim with Geico?
You should file your car insurance claim with Geico within 24 hours. You should always call your insurance company as soon as you possibly can.
After a claim can you still use your insurance policy?
An insurance policy should still remain valid for the remaining term following a claim providing that the claim is such that it does not require the insurer to cancel the policy. You should check with your insurer.
Should your insurance co work with the other insurance co to settle your claim or do you have to do that?
You are responsible
What are your legal options if your auto insurance company refuses a claim because they say they never received your last check?
Read your contract language. If you can prove they received it (cancelled check), then you should be fine .. if not .. you may be SOL.
Does the insurance agent submit the auto accident claim to the insurance company or do I ?
It is up to the driver to subit the auto accident claim. You should submit the claim as soon as possible after the accident.
If your insurance company drops you before a claim is settled how do you get insurance coverage on your home?
They should not drop you before a claim is settled. If they have contact your state department of insurance and file a complaint.
What are the uses of an Insurance Denial Attorney?
An insurance denial attorney will fight for you, should your claim be denied by your insurance carrier.
Your niece drove into your garage door w her car and did 1k damage to the garage should your niece claim it on her auto policy or should you claim it on your home insurance?
Since it was caused by the vehicle, the vehicle insurance should cover it. Most home owners insurance companies would probably make a claim against the auto insurance company, if they covered it.
How would you solve the insurance situations?
When an insurance claim arises be it life or general insurance, you are to intimate the insurance co. earliest, get necessary claim forms and submit the same along with all requisite papers/documents. There should not be any clumsiness in your answer to any query and it should be clear and to the point. If the Insurance Co. requires additional papers, submit the same instantly for speedier settlement of the claim by the insurance co.
Do you need to pay tax for insurance death claim?
No. Death proceeds are received income tax free by beneficiaries.
