Proof of Loss
A formal statement submitted to an insurer detailing the extent and value of a loss for a claim.
What is Proof of Loss?
Proof of Loss is a formal statement submitted to an insurer documenting the extent, cause, and value of a loss or damage, supporting a claim for compensation under an insurance policy.
Why It Matters?
It validates claims, facilitates timely settlement, and protects policyholder rights while ensuring compliance with policy terms.
Example
After a fire damages a warehouse, the owner submits a proof of loss detailing property damage and estimated repair costs to the insurance company.
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