Arrange the following steps in a logical sequence of the claim settlement procedure in the Insurance

A. Scrutinisation

B. Investigation of an assessment

C. Claim form

D. Notice of loss

E. Settlement and Arbitration

Choose the correct answer from the options given below

The correct sequence is D, C, A, B, E

Key Points Claim settlement:

• A formal application to an insurance provider for payment in accordance with the provisions of the insurance policy is known as an insurance claim.
• After examining the claim for legitimacy, the insurance company decides whether to pay the insured directly or to the party making the request (on the insured's behalf).

Important Points Procedure for claim settlement in the Insurance:

1. Notice of loss: The policyholder must make the insurer aware of the damage or loss as early as possible.
2. Claim form: The policyholder has to fill a claim settlement forms giving each and every detail about the subject-matter.
3. Scrutinisation: The insurance company will perform a scrutiny and verify the details and will perform an inquiry in case of accident.
4. Investigation of an assessment: Insurance companies often conduct claims investigations to evaluate the legitimacy of a claim. The investigation process helps the claims' adjuster make an educated decision about how to proceed with a claim.
5.  Settlement and Arbitration: Arbitration may be used to settle an insurance dispute between an insurance provider and a policyholder. If everything goes perfect, the settlement is made to the policyholder.