What is referred to as a formal or sworn statement about the loss to the insurer?

The correct answer is "Proof of loss." This term refers to a formal document that an insured party submits to an insurer after a loss has occurred. This document provides detailed information about the loss, including the nature of the incident, the extent of the damage, and the financial loss incurred. It serves as evidence for the insurer to evaluate and process the claim effectively.

The purpose of a proof of loss is to ensure that the insurer has sufficient information to make a fair assessment of the claim and to determine any payment that may be owed under the terms of the insurance policy. It typically requires a sworn statement, affirming that the information provided is accurate and complete, which further supports the validity of the claim.

While a statement of claim might inform the insurer about an intention to file a claim or provide initial details about the loss, the proof of loss encompasses a more comprehensive and formal requirement for substantiating the claim. Claim notification, on the other hand, usually refers to the initial reporting of the loss to the insurance company but does not involve the detailed evidence required for a proof of loss. An insurance affidavit is a legal document that may be used in various contexts but is not specifically defined in relation to filing a claim for insurance purposes.