Hawaii Insurance License Practice Exam

A statement given by an insured following a loss is called?

1. Claim form

2. Evidence of loss

3. Proof of loss

4. Loss declaration

The correct answer is: Proof of loss

The term "proof of loss" refers to a formal statement made by the insured after experiencing a loss. This document is crucial in the insurance claims process as it outlines the details of the loss, includes evidence supporting the claim, and affirms the extent of the damage or loss that occurred. Submitting a proof of loss allows the insurer to assess the validity and the amount of the claim being made. In the context of insurance, this document serves as an essential part of the claims process and helps facilitate the review and settlement of the claim by the insurance company. It provides all necessary details which can include information about the insured property, circumstances of the loss, and any additional supporting documentation required by the insurer. Other terms such as "claim form," "evidence of loss," and "loss declaration" may refer to different aspects of the claims handling process or may not contain the comprehensive detail needed to substantiate a claim like a proof of loss does.