Statement Of Claim

What Does Statement Of Claim Mean?

The purpose of the statement of claim is to notify the insurance company that a covered loss has occurred and that the policyholder is requesting reimbursement for the damages.

Insuranceopedia Explains Statement Of Claim

A statement of claim typically includes details such as the policyholder’s name, the type of insurance, the policy’s start date, and the cause of the loss. Once the statement of claim is submitted, the insurer reviews it to ensure its legitimacy and verify that the loss is covered under the policy. The specific information required can vary by claim type, so the paperwork after a car accident looks different from what’s required to collect payment after a hurricane. If approved, the insurance company will compensate the policyholder for the loss. How quickly and fairly an insurer processes statements of claim is one reason ratings differ across the best car insurance companies. Providing false information in a claim constitutes insurance fraud, which is a criminal offense.