Statement of Claim

Definition - What does Statement of Claim mean?

The purpose of the statement of claim is to inform the insurance company that a covered loss has occurred and that the policyholder is seeking reimbursement.



Insuranceopedia explains Statement of Claim

Information that may appear on a statement of claim can include the policyholder's name, the type of insurance, the start date of the policy, the reason for the loss, etc. Once a statement of claim is filed, then the insurer will examine the claim to make sure that it is legitimate and that it is covered. If it is, then the insurance company will typically cover the loss and pay the money to the insured. It is illegal to lie about claims. To do so is insurance fraud, and it can be a criminal offense.

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