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Claims
The method and manner of insurance claims may vary from the insurance to another. Insurance claims are also subjected to the terms and conditions of the insurance policy which also contains exclusionary clauses whereby your insurance claims will be rejected by insurer of the nature of claims falls within such exclusionary clauses. Basically insurance claims can be divide broadly into 2 categories that are Personal Claims and Business Claims.
Personal insurance claims usually consist of house owner, motor-accident, travel personal accident and medical claims. Business insurance claims usually consist of casually (public liability/product liability), engineering (border /pressure vessel/ machinery breakdown), electronic equipment, and contractors All Risk, financial (fidelity or professional indemnity) and marine claims etc.
To initiate an insurance claims, the insurance is obliged to the insurance companies with in reform will provide the insurer a set of documents to be remitted in order for the claim to be processed by the insurance company. The insured must submit full claims documents as requested in order for the claim to be approved. The nature of the claims documents depends on the nature of the case.
Any insurer who is unsatisfied with the manner the insurance claims is handle or dissatisfied in the amount of compensation paid by the insurance company can refer either to the Bank Negara (Insurance Division) or the PIAM Complaint Action Bureau, Kuala Lumpur to mediate any disputes between the insurer and the insurance company.
In conclusion, proper advice and guidance should be sought by the insurer before subscribing to any insurance policies in order to protect the personal and business needs of having an insurance cover in order to avoid any unnecessary disputes in liabilities in the event of insurance claims being made.
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