WAEC - Insurance (2017 - No. 14)
The demand for payment made by the insured to the insurer following occurence of the event insured against is
consideration
gratification
commission
claim
Explication
An insurance claim is a formal request by a policyholder to an insurance company for coverageor compensation for a covered loss or policy event. The insurance company validates the claim and, once approved, issues payment to the insured or an approved interested party on behalf of the insured.