What is the term for a sworn written statement that the insured must provide to an insurer before a claim can be paid?

The term for a sworn written statement that the insured must provide to an insurer before a claim can be paid is "Proof of Loss." This document serves as a formal declaration of the details surrounding the claim, including the occurrence of the loss, the circumstances that led to it, and the value of the property or loss in question.

The Proof of Loss is crucial because it establishes the basis on which the insurer evaluates the legitimacy of the claim and the amount that should be paid out. It includes critical information that helps the insurance company determine whether the claim is covered under the policy and to what extent.

This sworn statement typically must be submitted within a specific timeframe outlined in the insurance policy. The requirement for a Proof of Loss ensures transparency and provides the insurer with the necessary facts to process the claim efficiently.

In comparison, a binder refers to a temporary insurance agreement until a formal policy is issued, a notice of claim is simply notification to the insurer that a claim will be filed, and a claim report is more of an internal document used by insurers to track claims rather than a sworn statement from the insured. Understanding these terms and their specific functions within the claims process is essential for navigating insurance policies effectively.