A claim is a formal request made by a policyholder to their insurance company for compensation or coverage for a loss or damage that is covered by the terms and conditions of the insurance policy. When an event that has the potential to be covered by an insurance policy occurs, the policyholder can file a claim with the insurance company. The insurance company will typically ask for details, such as the date of the occurrence as well as an outline of the physical or financial damages. At that point, the insurance company will review to determine coverage.
