Claims

Insurance is the foundation and supplies the security of modern business. If the feeling of security which insurance gives to business was removed, the commercial structure would be seriously endangered. What is the foundation of insurance but claims? Insurance is defined as "the act or system by or under which indemnity or pecuniary payment is guaranteed by one party or several parties to another party in certain contingencies upon specified terms." Again insurance is "a contract whereby one party, in consideration of a stipulated consideration or premium undertakes to pay a given sum or sums upon the occurrence of a certain contingency, as upon injury to one's person, or upon attaining a certain age, or upon one's death, or upon the destruction of one's property by fire or otherwise."