The demand for payment made by the insured to the insurer following occurence of the event insured against is
-
A.
consideration -
B.
gratification -
C.
commission -
D.
claim
Correct Answer: Option D
Explanation
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.