What is the term for the formal statement that verifies details for determining liability in insurance claims?

The term for the formal statement that verifies details for determining liability in insurance claims is "Proof of Loss." This document is crucial in the claims process as it outlines the specifics of the loss, including the extent of damages, the date of the incident, and any relevant conditions surrounding the claim. Submitting a Proof of Loss is typically a requirement for the insurer to begin processing a claim, as it provides the necessary information to assess liability and determine the appropriate compensation owed to the policyholder.

In contrast to the Proof of Loss, a Binder serves as a temporary agreement that provides coverage until a formal policy is issued, but it does not verify specifics about a claim. A Certificate of Authority is a document that indicates an insurer is authorized to operate in a particular state, while a Certificate of Insurance is proof that insurance coverage is in effect but does not provide specific details about the loss or liability determination.