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A payment made before a claim's final resolution, subject to the applicable policy and arrangements.
The insurer may be able to confirm part of its liability before every repair estimate or business-loss calculation is complete. An interim amount can then be paid on account of the claim, with further assessment determining any additional sum. The payment normally needs to be reconciled against the final amount due. It does not establish that every requested item is covered or that a disputed balance has been accepted.
Suppose a hypothetical claim is ultimately agreed at J$5 million, with an earlier J$2 million interim payment credited against it. The remaining payment is J$3 million, assuming all relevant deductions are already included in the agreed total. Reporting J$2 million plus J$5 million as J$7 million paid would double count the advance. Before final agreement, the remaining entitlement could still be uncertain.
Jamaican insurers report J$54.35 billion in Melissa payments; 983 claims remain