How to Successfully Undertake an Insurance Settlement

The requirements for insurance settlements are set forth in state laws where the insurance company does business. Successfully undertaking an insurance settlement requires you to follow the settlement procedures prescribed by the insurance company and state requirements. You can find out more information about the claim’s settlement practices for your state at the commission or department of insurance in the state. To successfully undertake an insurance settlement, you should contact the insurance company when a claim arises. The insurance company will instruct you on the forms and procedures required to file the claim. You should engage the insurance company as early in the process as you can in order to resolve your claim quickly.

Claim Forms and Proof of Loss

The insurance company will provide you with a claim form and require some documentation in order to process your claim request. When you receive the claim form there is usually an established time period which allows you to complete and return the forms to the insurer. This may also require you to provide some proof that a loss occurred, which typically takes the form of a bill or service estimate in the case of an automobile accident. Make copies of all requested forms and be sure to keep a copy of the filing for your own records.

Follow-Up

Once you have provided the claims form and proof of loss, follow up with the insurance company to determine the status of your request. Keep copies of the forms because if something you sent is lost or misplaced, you can simply email or fax a copy of your file copies. Document what was sent to the insurer and when possible, send information via FedEx or certified return mail because this gives you a receipt and evidence that delivery took place.

Be Prepared to Answer Insurer’s Request

The insurer may call you with additional questions regarding your claim and the loss that occurred. Be prepared to answer any and all question that the insurer has and always be courteous. Maintaining your calm may help diffuse potential situations and turn the claims decision into a favorable one for you.

Follow These Tips

Following these steps and procedures should put you in the best position to successfully undertake an insurance settlement claim. Depending on the type of insurance claim that is being made, there may be a wide range of procedures for each company’s claim resolution department. Each insurance company has its own settlement procedures, but those procedures must conform to practices set forth in the state’s insurance laws.

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