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Claims SeverityClaims Severity
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Loss MitigationLoss Mitigation
Loss PreventionLoss Prevention
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Property LiabilityProperty Liability
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Loss Prevention

Definition

Actions taken to reduce the likelihood or impact of a loss. Preventive measures keep risks low and protect your financial health.

What to consider

  • Understand the settlement terms fully.
  • Review all supporting documentation before agreeing.
  • Consider professional advice if needed.

Real world scenarios

  • After a lengthy dispute, a patient reached a claims settlement with the insurer for a portion of the medical bill.
  • An auto insurer and a policyholder agreed on a claims settlement following an accident.
  • A business settled a claim for property damage through negotiation with the insurer.

Related terms

Claims Settlement
Extended Warranty
Mandatory Insurance
Credit Shield
Pre-Existing Condition Exclusion

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Insurance & Financial Protection
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