Loss Event Management Process

Massimiliano Maggioni and Giuseppe Turchetti
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Massimiliano Maggioni: University of Milano
Giuseppe Turchetti: Sant’Anna School of Advanced Studies

Chapter 23 in Fundamentals of the Insurance Business, 2024, pp 487-497 from Springer

Abstract: Abstract This chapter has the purpose of explaining the process of managing loss events. In detail, the process of managing loss events is the process through which an insurance undertaking fulfils the obligations taken on vis-à-vis an assured. In life business, it delivers a reimbursement of the performances foreseen, while in performances foreseen, while in non-life business, indemnification for the loss event is the same as the claim. In what is dealt with in this chapter, the management of a loss event for various types of insurance products is illustrated. The management of a property protection product is explained (for example, a claim under a homeowner insurance). Focus is placed upon the opening and management of Automobile Liability loss events. Special focus is placed on the procedure for opening and dealing with an Automobile Liability claim, as certain further items of information must be provided. Lastly, the chapter explains the manner of reimbursement under a life policy. . Concerning this reimbursement, two procedures are in place: settlement of the lump sum in the event of decease, or reimbursement following a request for surrender (partial or total) of a life insurance product.

Keywords: Process of managing loss events; Report of loss event; Settler; Loss adjuster or forensic physician; Special treatment loss event; Ex gratia loss event; Reimbursement for decease; Partial surrender; Total surrender (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-319-52851-9_23

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DOI: 10.1007/978-3-319-52851-9_23

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