How insurers settle claims with vouchers


The practice of exchanging vouchers for the settlement of a claim is common practice across the all industries. Most insurers will offer their customers vouchers and these vouchers are exchanged for goods and services. If the customer opts for the cash equivalent instead then the insurer will deduct the discounted amount and replace the item.

There are basically two different types of vouchers that are commonly used:

1. E-voucher: e- vouchers are nothing but electronic vouchers that are issued as a letter. They are also called e-MCO (electronic Miscellaneous Charges Order). In this letter you have a 13-digit number that is used to perform the transactions. But be careful while making the transactions and make sure that the transactions re-performed through a secure payment system.

2. Paper voucher: Miscellaneous Charges Order also known as a ‘paper voucher’ is a normal voucher printed on a letter. The benefit with paper vouchers is that you don’t need to perform any transactions and you can handover the voucher directly in return for the item required.

Apart from these two vouchers there are also gift cards issued to customers. These cards contain certain prices that can be redeemed from the retail shops- the exact amount is specified on the voucher.

There are different ways in which you can settle your claim with vouchers. Here are a few of the most preferred methods:

• Settlement through voucher claim form:
The most popular method for settling claims through vouchers is by filling in a voucher claim form. You need to fill this claim form in correctly and submit it online before the deadline. Once you submit your claim form it is verified and if it meets the criteria specified then the settlement is approved.

• General settlement:
In most cases it is possible to get the settlement of vouchers just by talking to the insurer. They should simply check all the details and accept it if they find everything to be satisfactory without any hassle.

Most settlement procedures are carried out online. Therefore it is very important to secure the transactions; be cautious while choosing the online payment system and go for the one that ensures security for the transactions. For example, you can go for secure payments with Ukash help you to use all the banknotes or coins to send money online. To perform these transactions you don’t need to have any bank account or any credit cards and easily complete the process.

Neo is a Tech writer from London with an interest in topics relating to Insurance, Finance, and green living. You can follow him @financeport on Twitter.

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