Can the insurance company report claims that are closed without payment to the CLUE database?
Yes. There are no laws that prohibit the reporting or use of claims closed without payment for underwriting or rating purposes. • Can the insurance company report an inquiry about a loss to the CLUE database when no request for the processing of a claim was made to the company? Yes. There are no laws that prohibit the reporting or use of and inquiry about a loss for underwriting or rating purposes. • Does every company report all losses to the CLUE database? No. Some companies choose not to participate. Losses filed with nonparticipating companies will not appear on a CLUE report. • Why do insurance companies use loss history? Actuarial studies conducted by insurance companies have shown a correlation between a consumer’s prior loss history and his/her future insurance loss potential. Along with other factors, this history could be considered when companies make their decisions to issue policies and determine premiums.
Related Questions
- What happens when the insurance company sends the payment for a claim to the patient rather than the provider? Can we bill the patient the entire amount?
- Can the insurance company report claims to the C.L.U.E database that are closed without payment?
- Can the insurance company report claims that are closed without payment to the CLUE database?
