Claim Report
Report furnished by the adjuster to the, insurance company (insurer) that documents the amount of payment the insurer is legally obligated to pay to or on behalf of the insured under the terms of the policy. This report includes the following items:
- Is there an INSURABLE INTEREST did the person who submitted the claim have expectation of a monetary loss?
- Is there a coverable cause of loss was the source of the loss an insured peril ?
- Is the property covered was the damaged or destroyed property insured?
- What is the location of the loss was the occurrence of the insured peril within the geographical scope of the policy?
- What is the date of the loss did the loss occur while the policy was in effect?
- What are the applicable EXCLUSIONS was the loss caused by a peril specifically excluded by the policy?
- What are the applicable CONDITION (S) and WARRANTY (S) were the condition (s) and warranty (s) under the policy complied with by the insured?
- What is the SALVAGE value of the damaged property is there a portion of the damaged property that can be salvaged and how does the value of the salvageable property affect the total dollar amount of the loss?
- What is the status of any OTHER INSURANCE in force are there any other insurance policies in force carried by the CLAIMANT covering the loss?
- What is the status of SUBROGATION are there any third parties responsible for a covered loss against which the insurer can take legal action?
- Was there any MISREPRESENTATION (FALSE PRETENSE) and CONCEALMENT involved did the insured falsify or withhold material facts from the insurer?
- What is the status of the availability of documentation are there photographs available of the damaged or destroyed insured property? Does the insured have receipts or other pertinent records relating to the damaged or destroyed insured property?
Popular Insurance Terms
Section of the "Unfair Trade Practices Code" of most states that declares the use of coercion to be in violation of the state code. ...
Death caused by a person without legal justification. Wrongful death may be the result of negligence, such as when a drunken driver hits and kills someone; or it may be intentional, as when ...
Individual permitted to enter property with the permission of the owner or the person who controls the property. There is no mutual profit motive; the licensee comes onto the property for ...
Sum provided by a disability income insurance that pays a multiple of the monthly indemnity to cover the costs associated with a retraining course attended by the insured wage earner when ...
Recording and presentation of financial statements, such as the annual statement, by the insurance company. Financial reporting statements are used by the State Insurance Commissioner in ...
Money expended with the object of profit. The goal of an insurance company is to invest in assets with a rate of return greater than that to be paid out as benefits under its policies. ...
Income paid under a disability policy that is not covered under workers compensation benefits. It is usually expressed as a percentage of the insured's income prior to the disability, but ...
Accounting procedures that defer the full funding of a life insurance net level premium reserve to accommodate the policy acquisition cost in the early years of a policy. First-year policy ...
Coverage for persons whose medical history includes serious illness such as heart disease or whose physical condition is such that they are rated below standard. A policy may specifically ...
Have a question or comment?
We're here to help.