CLAIM PROVISION Meaning and
Definition
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Claim Provision refers to a clause or section within a contract or insurance policy that outlines the terms and conditions related to filing and processing claims by the insured party. It is a contractual agreement that sets forth the rights and obligations of both the insured party and the insurance company in the event of a claim.
This provision specifies the procedures, time limits, documentation requirements, and other criteria that need to be followed when filing a claim. It also outlines the responsibilities of the insurer, such as the investigation process, terms for adjusting or denying claims, and the timeline for settlement or resolution. Additionally, the provision may include details on the circumstances under which claims may be rejected, such as exclusions or limitations mentioned in the policy.
The purpose of a claim provision is to provide clarity and transparency regarding the claim process, ensuring that both parties have a clear understanding of their rights and obligations. It helps prevent disputes and misunderstandings between the insured and the insurer by establishing a systematic framework for handling claims.
It is important for the insured party to carefully review and understand the claim provision before entering into a contract or obtaining insurance coverage. This allows them to be aware of the procedures and requirements that need to be followed to successfully file a claim and to make informed decisions regarding their insurance needs.
Common Misspellings for CLAIM PROVISION
- xlaim provision
- vlaim provision
- flaim provision
- dlaim provision
- ckaim provision
- cpaim provision
- coaim provision
- clzim provision
- clsim provision
- clwim provision
- clqim provision
- claum provision
- clajm provision
- clakm provision
- claom provision
- cla9m provision
- cla8m provision
- clain provision
- claik provision
- claij provision
Etymology of CLAIM PROVISION
The word "claim provision" does not have a specific etymology as it is a combination of two separate words. However, we can break down the etymology of each component:
1. Claim: The word "claim" comes from the Old French word "clamer" meaning "to call or cry out". It has Latin origins from the word "clamare", which means "to shout or cry out". Over time, it developed the meaning of making a demand or asserting a right to something.
2. Provision: The word "provision" comes from the Latin word "provisio", which means "a foreseeing, foresight". It is derived from the verb "providere", which means "to provide or foresee". In this context, provision refers to something that is provided or supplied for a specific purpose or situation.
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