Claims closed

General market related questions for Actuarial students!
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04 Oct 2018, 21:03

Non-life insurance companies classify claims closed as those claims that are unpaid for want of more documents from the insured person or where the policyholder hasn’t pursued the claim further. Insurers consider this different from claims rejected because claims are rejected after examining the case and all the relevant documents. On the other hand, claims closed are cases where a claim is initiated but not followed up on.

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Mayank Goyal

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