Definition - What does Inspection Report mean?
An inspection report is a report generated by an insurance company regarding the details of a specific risk. Inspection reports are designed to examine the risk from a moral, physical, and financial perspective. In terms of life insurance, for example, the older a person is, and the more health problems they have, the riskier they can be to insure.
Insuranceopedia explains Inspection Report
Both life insurers and health insurers commonly commission inspection reports. It is important for these companies to do this because if they assume too much risk for too low a price, they could experience significant losses.
Inspection reports are confidential, to respect the privacy of the person involved.
In addition to insurance companies, these reports are also produced by companies who specialize in inspection report services.