After loss, the insured is required to submit a "Proof of Loss" form to the insurer. What is its purpose A) It is the receipt given to the insurer by the insured following payment of the claim in full. 25) To provide fire and theft statistics to government C) it requires the insured to describe the damaged property and estimate its value. It protects the insurer from paying twice for the same damaged property. V
After loss, the insured is required to submit a "Proof of Loss" form to the insurer. What is its purpose A) It is the receipt given to the insurer by the insured following payment of the claim in full. 25) To provide fire and theft statistics to government C) it requires the insured to describe the damaged property and estimate its value. It protects the insurer from paying twice for the same damaged property. V
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Transcribed Image Text:After loss, the insured is required to submit a "Proof of Loss" form to the insurer. What is its purpose
A) It is the receipt given to the insurer by the insured following payment of the claim in fuil.
25) To provide fire and theft statistics to government
C) it requires the insured to describe the damaged property and estimate its value.
D) It protects the insurer from paying twice for the same damaged
property.
Transcribed Image Text:Risk may be dealt with in a number of ways including transferring it to others or retaining it intentionally. Which one (1) of the
following alternatives is a transfer of risk?
OA) A monitored security system.
OB) Self-insurance.
OC) An agreement of purchase and sale.
fo) Purchase of insurance.
Expert Solution
Step 1: Introducing "Proof of Loss":
"Since you have posted multiple questions, we will provide the solution only to the first question as per our Q&A guidelines. Please repost the remaining questions separately.”
- The "proof of loss" is a significant document within the realm of insurance claims. It serves as a formal report that the policyholder or insured person or individual must provide to their insurance company when they experience or encounter a loss and need to make a claim.
- The essential objective of this report or document is to offer a comprehensive account of the damaged or lost property.
- This incorporates a detailed description or depiction of the damage or loss, an estimation of the property's esteem, and any other relevant data with respect to the incident.
- By requiring the insured to complete and yield a "proof of loss" form, the insurance company gains the necessary data or information to assess the validity and extent of the claim accurately. This helps in deciding the appropriate compensation or settlement amount. In essence, the "proof of loss" form may be a vital apparatus in the insurance process, guaranteeing transparency and effectiveness in handling claims.
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