A statement given by an insured following a loss is known as?

A statement given by an insured following a loss is termed a proof of loss. This document is crucial in the claims process, as it provides the insurer with specific details about the loss, including the nature of the loss, the value of the property, and any other supporting information necessary for evaluating the claim. The proof of loss serves as an official declaration and is typically signed by the insured, affirming the accuracy of the information provided.

In the context of the claims process, this document initiates the insurer's investigation and decision-making regarding the compensation due to the insured. It helps establish the extent of the insurer's liability under the policy terms. Without this formal proof of loss, the insurer may not have sufficient information to proceed with the assessment and payment of the claim.

The other options, while related to the claims process, do not accurately describe the statement made by the insured. A claim report is a broader term that might encompass various aspects of the claim but does not specifically refer to the statement from the insured. An incident report typically pertains to the initial documentation of the event that led to the loss, rather than the insured’s detailed statement. A coverage statement usually refers to the explanation of what is included or excluded in the insurance policy, which