Canadian Accredited Insurance Broker (CAIB) One Practice Exam

What must an insured provide immediately after a loss?

1. Proof of Ownership

2. Proof of Loss

3. Claim Verification

4. Insurance Policy Copy

The correct answer is: Proof of Loss

The requirement for the insured to provide proof of loss immediately after a loss is critical in the claims process. Proof of loss is a formal statement that the insured submits to the insurance company, detailing the specifics of the loss incurred. This document typically describes the circumstances of the loss, the items or property affected, and the estimated value of the claim. It serves as the foundation for the insurer to evaluate the validity of the claim and determine the amount of compensation due. By providing this information promptly, the insured helps facilitate a quicker claims process, as the insurer can begin their assessment based on the information received. On the other hand, proof of ownership, while important, is generally not required to be submitted immediately after a loss and can often be provided later in the claims process depending on the situation. Claim verification and the insurance policy copy may also be relevant but are not usually the immediate documents required in the aftermath of a loss.