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What is the purpose of the proof of loss in the insurance claim?

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Wiki User
2005-11-09 17:47:11
2005-11-09 17:47:11

So people won't make all kinds of false claims just to get money from an insurance company. With the dishonesty in society we can't blame insurance companies for wanting proof of loss before paying a claim.

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A policu which presentation is itself the evidance or proof of Insurable Interest.In otherwords the evidance of Insurable Interest is not to be proved at the time of loss and putting the claim

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how long does it take for an insurance company to pay a loss wage claim

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no. you are being reimbursed for your loss.

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Yes it would but if it were due to the landlords negligence his liability insurance would cover the loss. Your insurance co will chase the claim against his for you. Place a claim with them.

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The same as any claim. You just call the insurance company and notify them of your loss. If coverage is available then they will assign you a claim number and begin to process your claim.

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To get to the route of what your asking: The amount of the LOSS that is deductible is the unrecovered loss. Hence if you have claimed the entire loss as a deduction the amount of insurance you get is income - because essentially, you overdeducted the loss. If you have made no loss deduction claim, then u=insurance is NOT taxable as it is onlyr returning you to the position you were in before the loss.

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Just contact your insurance company by phone and report the loss.

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if you have an unisured loss - document and determine if it would be worthwhile to claim as a loss on your federal tax return

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You don't need too. Just make your loss claim on your own homeowners insurance policy. If your neighbor is liable for your loss then your Insurance Company will subrogate the matter for you.

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Your equity loan has no bearing on your ability to file a claim. You just call the insurance company and report the loss.

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Normally, even in a contested insurance claim (where an umpire or appraiser is used), a proof of loss is required. A proof of loss (sometimes called a proof of claim) is the insured's attestation that the loss occurred and the general nature of it.

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No, the insurance settlement is considered compensation for a loss, not income.

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You can claim an insurance loss for an above-ground pool only if it was covered by the terms of your insurance policy. Check with your insurance agent.

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A claim is a report of a loss to a covered entity with expectation of indemnification.

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So long as you can establish the loss occurred during the term of the prior insurance policy, yes they will cover the claim.

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An occurrence is a loss, or a claim filed on the policy.

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When you have a stop loss you and you reach a claim over your amount. they will reduce your amount .

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Depends on the type of insurance and what the payout is for. Life insurance is generally not taxable. Other types may well be. If for a casualty loss it would not be only if it is equal or tless than your actual loss AND you did not claim the casulaty loss as a deduction.

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The insurance company will establish a special self- insurance fund for this purpose each year.

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You mean a casualty insurance payout? The amount that is for the loss of property is not taxable - as long as you didn't (and don't) claim a casualty loss on it for tax. (The payment means you have no tax loss).

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Generally Yes, Your insurance company has the right to inspect a loss before they issue a payment.

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No. Insurance benefits from a house fire would be considered a swap of assets. You cannot take a deductible loss on your taxes for the loss that was reimbursed by insurance.

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No, but you cannot claim the loss on taxes.


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