Examination Under Oath (EUO)
Definition:
A formal interview where a policyholder answers questions under oath about a claim.
Explanation:
Insurers may require an EUO if they suspect fraud, need clarification, or want more documentation. Refusing to participate can jeopardize the claim.
Example:
If an insurer questions whether stolen items were truly owned, they may schedule an EUO where the homeowner must provide receipts and testimony.
Why it matters:
This term affects how claims are handled and what payout a homeowner may receive.