According to standard rules, in order to get a payout, the insured should prepare the necessary documents and prove that the event falls under insurance indemnity payment terms. If documents are filled out correctly, the insurance company will pay compensation.
“The client or his representative must notify the insurance company of the insured event occurrence in written, by e-mail, or phone,” Nomad Life specialists comment.
For the parties’ convenience the notification must indicate:
- Name of the injured worker;
- The accident date and brief description;
- Insurance contract number.
"Next, within three working days from the accident notification date the insurer sends an employer a request with a list of necessary documents for submission. When the accident is recognized as an insured event by the insurance company, the insurer calculates the annuity payments and sends the contract to the policyholder to sign,” LIC Halyk-Life explains.
After receiving the annuity insurance agreement signed by the policyholder, the payment by the LIC is made within 7 business days in accordance with the terms of such an agreement.
The monthly insurance payment payable to the employee as compensation for damage associated with loss of earnings due to disability is carried out by the insurer in accordance with the annuity agreement.
“The insurance payment less the social payment is made in case of disability from the State Social Fund insurance. The annuity agreement term is a term of loss of professional ability to work (the period of re-examination of loss of professional ability to work), but no more than the term for the employee to reach retirement age,” they noted in LIC Centras Kommesk Life.
Insurance companies also cover additional medical expenses caused by health damage and upon the provision of relevant documents confirming medical services and their cost. “Costs not included in the guaranteed amount of free medical care in accordance with the legislation of the Republic of Kazakhstan in the field of health care are not refundable,” states Centras Kommesk Life.
As a rule, insurance companies make maximum payments in the event of death and disability as a result of an accident or illness. The payments for physical injuries resulting accident are made in accordance with the severity of the injuries received. “For example, an ankle fracture is 5% of the sum insured and double shoulder fracture - 20%,” they explain in LIC Freedom Finance Life.
If you still have questions on whether you want to insure your life or the life of your child, you can contact any insurance company after reading customer reviews on a particular organization first.
