The payment of a claim is determined by the terms of the insurance contract. If the loss is covered and the insured person has complied with the contract, then the insurance company has an obligation to pay the claim. The actual process of reporting and collecting on a claim is usually spelled-out in the insurance contract. Thus exact procedures vary according to insurance contracts and their companies. Real property is land and buildings.
Personal property is movable goods.
Health Insurance Health insurance is a contract between a policyholder and an insurance company to provide, or pay, for health care services. Health care is provided through a variety of institutions and programs. These programs range from individual health insurance policies to government-established programs such as Medicaid. Automobile Insurance Automobile insurance is a contract between a policyholder and an insurance company to cover losses arising out of the use and operation of the automobile. Many states require drivers to have automobile insurance.