What is the term for a sworn statement that must usually be provided by the insured before a loss under a policy can be paid?

The term "Proof of Loss" refers to a sworn statement submitted by the insured to the insurance company, detailing the loss that has occurred. This document is essential because it serves as a formal declaration of the circumstances surrounding the loss, the amount of the loss, and the claim being made. It typically includes information such as the date of loss, the nature and extent of the damage or injury, and any relevant supporting documentation or evidence.

The requirement for a Proof of Loss is a crucial step in the claims process, as it helps the insurance provider assess the validity and extent of the claim. Only after the insurer receives this adequately completed form can they begin processing the claim and determine the appropriate compensation.

The other options do not fulfill the specific requirement of providing a formal sworn statement about the loss. Claim Submission is a broader term that encompasses the act of informing the insurer about the loss but does not specify the sworn nature of the statement required. Policy Declaration pertains to the summary of coverage provided in the policy itself rather than the claims process. Underwriting Statement relates to the assessment of risk prior to policy issuance and does not involve the claims process directly.