Mr Sharma recently met with an accident. Fortunately he was all well but his car got damaged badly. At the time of accident due to haste many things were not taken into account. Mr.Sharma’s son realized that the insurance which he had taken did not come much into use as they hadn’t read the documents properly while opting for insurance. While filling the claim there claim got rejected several time and made them. Not that insurance is that a helpful instrument but just that it comes to better use if read and understood properly to avoid insurance claim rejection.
Almost every earning citizen has at least one insurance policy to his or her name. The insurance policies offer safety for future and that’s why people tend to go for the policies. That’s why insurance business is growing in worth for last one decade. People tend to get insurance policies more at the times of bad economy so the down financial markets have actually helped the insurance companies to gain. The health insurance policies have really worked for insurance companies.
The Growth Factors
Few years back, the insurance companies got the permission for designing their own insurance policies and the price. That allowed the insurance companies to create new options that attracted new people to get policies. The newly designed and priced products were enough to push the insurance industry forward. Another thing that has started the growth is the new professional approaches of the insurance industry. They don’t increase the price for a policy anymore. Increasing the price may sound profitable for business but it doesn’t help for a long time. Having more customers is the real way to get reach for any business. That’s exactly why insurance companies offer more benefits to the policy holders these days.
Insurance definitely comes to lots of help if used properly. By this we mean that while filing an insurance claim many documents have to be filled and special care and attention needs to be taken care while doing so. If even one document is not filled properly it can lead to rejection.
Tips to Minimize Insurance Claim Rejection
- Always give right information to the insurer, do not give wrong information in order to get maximum claim this may do more damage than good.
- Insurance claim is a very delicate matter and always remember to fill in the claim form you rather delegating it to your assistants or co-workers
- Always remember to put a line or cross the space left after filling in the relevant details so that nobody can add anything extra.
- It’s a wise decision to take a photocopy or a scan copy of the documents
- Try to fetch maximum information on claim settlement to make the task easier.
- Read all the terms and conditions properly and minutely, many times there are some very important things which are missed out and can cause problems in future.
- Be careful of the fake insurance companies or companies who ask for your credit card details before offering you something. Always keep a check on the all the records and also conduct a detail research before finalizing an insurance company.
- Don’t take decisions in haste and utilize the cooling off period which is 15 days in order to understand the terms and conditions properly, do not hesitate in asking for clarifications and clear your doubts with your financial advisor.
- Many times a difference in signature also leads to time delay and adverse cases it can lead to rejection of a claim.
- Rejection can also happen due to untimely filling of an insurance claim. Many people tend to lose time and create unnecessary delay because of which a huge time lag can cause a rejection of an insurance claim.
One must keep in mind the above things before filing an insurance claim because this involves huge money and efforts. One must also keep himself/herself updated with the recent changes as this may affect the claim amount.