Question

What is the name of the provision in an insurance policy that requires the insured to notify the carrier of a loss for which a claim for reimbursement is made?

Option 1: Coverage Clause
Option 2: Loss Reporting Requirement
Option 3: Claim Notification Provision
Option 4: Reimbursement Clause

Answer 1

The provision in an insurance policy that requires the insured to notify the carrier of a loss for which a claim for reimbursement is made is called the Loss Reporting Requirement.

Step-by-step explanation:

The provision in an insurance policy that requires the insured to notify the carrier of a loss for which a claim for reimbursement is made is called the Loss Reporting Requirement. This provision ensures that the insurance company is promptly informed about any losses and can assess the situation accurately. It is important for the insured to fulfill this requirement in order to initiate the claims process and receive reimbursement.