For insurance purposes, a claim is a demand by a person or business seeking to recover from an insurance company for a loss that might be covered by an insurance policy.
A claim representative, also called an adjuster, is a person responsible for investigating, evaluating and settling claims.
A claimant is anyone who submits a claim to an insurance company. In some cases, particularly in liability claims, the claimant is a third party that has suffered a loss and seeks to collect for that loss from an insured. In other cases, particularly in property claims, the claimant is the insured (the first party).
The first party to an insurance contract is the insured. (Although the second party is technically the insurer, the term second party I rarely used in insurance).
A third party to an insurance contract is a person or business that is not a party to the contract but who might assert a claim against the insured.
Insurance professionals generally use the term claimant to refer to a third party who submits a claim under an insured’s property. This text uses the term claimant to refer to a third-party claimant.
CHAPTER: 6 CLAIMS
