AIC 304 1; UNDERSTANDING THE PROPERTY CLAIMS
ENVIRONMENT TEST QUESTIONS AND CORRECT ANSWERS
What obligations do the insured have after a property loss?
Provide evidence of the alleged loss as well as an inventory of the lost or
damaged property.
What duties do claims representatives have after a property loss claim?
It is necessary to conduct a thorough investigation and record the loss by: -
obtaining witness and insured statements - reviewing books and records - taking
pictures or videos of the site - making diagrams - developing a scope (scope
sheet) of the loss
What does a statement aim to achieve?
to prove property ownership, the cause, the extent, and the circumstances of a
loss. It can also help identify whether subrogation is being pursued by a third
party.
What details ought to be contained in a statement?
1. The insured's identity 2. The property's owner
3. Any additional insurance that might be relevant to the claim
4. Information about mortgages or encumbrances
5. The reason for the loss
6. Contextual information
7. Information from witnesses
8. An explanation of the damaged property
9. Additional losses that the policy may cover, such as company income
10. Information about subrogation
Why does taking a statement in some countries exclude the insured from having
to make a sworn statement as proof of loss or provide the insurer the authority
to examine the insured under oath?
The premise behind the waivers is that the insurer has been fully informed of all
the information that would typically be provided by an insured's compliance
with these criteria (through a statement).
ENVIRONMENT TEST QUESTIONS AND CORRECT ANSWERS
What obligations do the insured have after a property loss?
Provide evidence of the alleged loss as well as an inventory of the lost or
damaged property.
What duties do claims representatives have after a property loss claim?
It is necessary to conduct a thorough investigation and record the loss by: -
obtaining witness and insured statements - reviewing books and records - taking
pictures or videos of the site - making diagrams - developing a scope (scope
sheet) of the loss
What does a statement aim to achieve?
to prove property ownership, the cause, the extent, and the circumstances of a
loss. It can also help identify whether subrogation is being pursued by a third
party.
What details ought to be contained in a statement?
1. The insured's identity 2. The property's owner
3. Any additional insurance that might be relevant to the claim
4. Information about mortgages or encumbrances
5. The reason for the loss
6. Contextual information
7. Information from witnesses
8. An explanation of the damaged property
9. Additional losses that the policy may cover, such as company income
10. Information about subrogation
Why does taking a statement in some countries exclude the insured from having
to make a sworn statement as proof of loss or provide the insurer the authority
to examine the insured under oath?
The premise behind the waivers is that the insurer has been fully informed of all
the information that would typically be provided by an insured's compliance
with these criteria (through a statement).
