Depending on the context this term may refer to:
(a) a demand made by a policyholder on his insurer(s) for payment or some other contractual benefit under an insurance policy;
(b) a demand made by an insurer on its reinsurer(s) to be paid under a reinsurance contract; or
(c) a demand made by a third party on a policyholder to be compensated for some injury, damage or loss for which the third party blames the policyholder.
A claim is payable under an insurance or reinsurance contract if it is caused by an insured peril and it is not excluded under the terms of that contract.
