A formal request made by a policyholder to an insurance company for payment or reimbursement for a covered loss or policy event. Filing a claim triggers the insurer to investigate the loss, assess damages, and determine what amount is payable under the policy.
Related Terms
Adjuster
An insurance professional who investigates and evaluates claims on behalf of an insurance company. The adjuster inspects damage, reviews documentation, interviews witnesses, and determines how much the insurer should pay for a covered loss.
Deductible
The amount you must pay out of pocket before your insurance coverage kicks in. A higher deductible generally means a lower premium. For example, if you have a $1,000 deductible and file a $5,000 claim, you pay $1,000 and your insurer pays $4,000.
Proof of Loss
A formal, sworn statement submitted by a policyholder to the insurance company documenting the details of a loss and the amount being claimed. It typically includes descriptions of damaged property, estimated values, and supporting documentation such as receipts or photographs.