Proof of Loss (PoL)
Definition:
A sworn statement from the policyholder detailing the amount of loss claimed.
Explanation:
This formal document is required by insurers before processing certain claims. It provides evidence of damages, values, and circumstances of the loss.
Example:
After a fire, you may be asked to submit a signed proof of loss listing damaged property and repair costs.
Why it matters:
This term affects how claims are handled and what payout a homeowner may receive.