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This course explains that the scope of loss, statement of loss and proof of loss are essential to the investigation and settlement of a first-party property claim. These are the documents that are essential to every claims investigation. The claim starts with the agreed scope of loss and ends with the adjuster’s preparation of the statement of loss, which allows him or her to agree with the insured as to the amount to be stated on the proof of loss.

The course covers the following:

  1. How a claim is adjusted.
  2. The obligations of the insured to the insurer to agree on a scope of loss.
  3. The obligation of the adjuster to take the scope of loss and value all of the damage.
  4. The obligation of the insurer to review and analyze relevant documents.
  5. The need for the adjuster to prepare a statement of loss to summarize the findings about coverage and the extent of loss.
  6. The use of the statement of loss to reach agreement with the insured as to the amount of loss and claim.
  7. That after agreement is reached a sworn proof of loss is prepared for the signature of the insure after which payment follows.

Learning Objectives

  • The student will learn about the how a claim is resolved by an insurance professional.
  • The student will be able to:
  • Explore the work of the adjuster as they combine efforts to reach a scope of loss.
  • Explore the various methods used by an insurance claim professional to resolve a claim.
  • Identify what a scope of loss, statement of loss and proof of loss are.
  • Explore the obligations of the insured to assist in the processing of a claim.
  • Identify how the claims professional works to resolve a claim by preparation of a scope of loss and proof of loss.
  • Identify how an insurer uses the scope, statement and proofs of loss determines the amount of loss compensable under a policy. 

Included In Certifications

This course is included in the following Expert Certifications:

16 CoursesCertified Expert in Corporate Property Insurance

  1. Introduction: Excellence in Claims Handling
  2. How to Acquire a First-Party Property Insurance Policy
  3. How to Read and Understand an Insurance Policy
  4. The Necessity of an Honest and Complete Insurance Application
  5. The Law of Contracts for the Insurance Professional
  6. Ethics for the Insurance Professional
  7. What is the Problem with Fraud?
  8. Interviewing Techniques for the Insurance Professional
  9. Investigation of a First-Party Property Insurance Claim
  10. The Creation of a Scope, Statement, and Proof of Loss
  11. The Duties of an Insured Presenting a First-Party Property Claim
  12. The Insurance Examination under Oath (EUO)
  13. Insurance Fraud Prevention
  14. Compliance with Special Investigation Unit Regulations
  15. Compliance with Good Faith Settlement Practices Regulations
  16. The Obligations of a Public Insurance Adjuster

Prerequisites

Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 ext. 106, or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  11:58Introduction to The Creation of a Scope, Statement and Proof of Loss
  9:44The Proof of Loss
  10:21Proof of Loss (Continued)
  3:43Subrogation and Replacement Cost Agreement
CONTINUOUS PLAY
  35:45The Creation of a Scope, Statement and Proof of Loss
SUPPORTING MATERIALS
  PDFSlides: The Creation of a Scope, Statement and Proof of Loss
  PDFThe Creation of a scope, Statement and Proof of Loss Glossary
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM