Loss Event Management Process

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.