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Insurance Glossary

Loss Assessment

Claims

Definition

An evaluation of the extent and value of damage or loss for insurance claim purposes. This assessment determines the amount the insurance company will pay based on policy terms and the actual damage sustained.

Definición en Español

ES

Evaluación de Pérdida

Una evaluación del alcance y valor del daño o pérdida para propósitos de reclamo de seguro. Esta evaluación determina el monto que la compañía de seguros pagará basándose en los términos de la póliza y el daño real sufrido.

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Related Terms

Adjuster
A person who investigates claims and recommends settlement options based on estimates of damage and insurance policies held.
Proof of Loss
A formal statement made by the policyholder to the insurance company documenting the amount of loss or damage claimed under an insurance policy. This sworn statement typically includes details of the incident, itemized losses, and supporting documentation.
Claim Settlement
The final resolution of an insurance claim, including the payment amount and terms agreed upon between the insurer and insured. Settlement can be reached through negotiation, appraisal, arbitration, or litigation.
Claim
A formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event.
Loss
The basis of a claim for damages under the terms of an insurance policy.
Loss Ratio
The ratio of losses paid plus loss reserves to premiums earned, used by insurers to measure underwriting profitability and pricing adequacy.
Loss Reserve
Funds set aside by an insurance company to pay future claims that have been reported but not yet settled (case reserves) or that have occurred but not been reported (IBNR).
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