- The insurance company must verify the claim.
- The insured party must file a claim.
- The insurance policy must be in place.
- The insured party must experience a covered loss.
What is payout?
A payout is a sum of money paid to a policyholder when a claim is accepted. It is a sum of money, especially a large one, that is paid to someone, for example by an insurance company.
Before an insurance company make a payout, the following must take place :
- The insurance company must verify the claim.
- The insured party must file a claim.
- The insurance policy must be in place.
- The insured party must experience a covered loss.
Learn more about insurance payout here : https://brainly.com/question/15136793
