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
Means of projecting the costs of pension plans on a level basis over a specified future period of time. The actuarial value of each employee's future benefits to be paid at retirement is ...
Provision in ocean marine cargo policies to limit an insurance company's liability for partial losses; the company has liability only for losses that exceed a stipulated percentage of the ...
Coverage for furs owned by a furrier, or a customer's furs in the care, custody, and control of the furrier. Coverage is on an all risks basis except those specifically excluded: wear and ...
Actual morbidity experience of an insured group as compared to the expected morbidity for that group. ...
Charitable planning strategy in which a donor sells an asset to the charity for an amount less than its fair market value. Internal Revenue Service regulations require that the tax basis ...
Arrangement under which employees may choose their own employee benefit structure. For example, one employee may wish to emphasize health care and thus would select a more comprehensive ...
Insurance that covers an indirect loss stemming from a direct loss by a covered peril to income-producing property. A building destroyed by fire represents a direct loss. Lost income ...
Health plan that pays a flat fee for each patient it covers. ...
Process of distributing the costs associated with losses and risks over a number of insureds. ...
Have a question or comment?
We're here to help.