What does paid claim mean?

What does paid claim mean?

• A. The claim is under review.
• B. The claim has happened and been filed but not yet paid.
• C. The claim has been paid.
• D. The claim has not yet been reported.

Answer: (C)

Paid claim means the insurer has issued payment for the claim. After a loss is reported and the claim is evaluated, if it's approved, payment is made to the insured or beneficiary and the file is closed. This is why paying the claim is the indicator that the settlement is complete. It’s different from a claim that is still under review (still being evaluated), a claim filed but not yet paid (pending payment), or a claim not yet reported (no claim on file).

Paid claim means the insurer has issued payment for the claim. After a loss is reported and the claim is evaluated, if it's approved, payment is made to the insured or beneficiary and the file is closed. This is why paying the claim is the indicator that the settlement is complete. It’s different from a claim that is still under review (still being evaluated), a claim filed but not yet paid (pending payment), or a claim not yet reported (no claim on file).