PSI Life Exam Practice Test

Which of the following is a requirement for a valid insurance claim?

1. Proof of loss must be submitted

2. Inspection by an independent adjuster

3. Filing a complaint with a regulatory body

4. Reporting loss within 30 days

The correct answer is: Proof of loss must be submitted

A valid insurance claim requires that proof of loss must be submitted by the policyholder to the insurance company. This documentation is crucial as it provides evidence that a loss occurred and details the nature and extent of the damage or loss. Without this proof, the insurance company cannot assess the validity of the claim or determine the compensation due to the policyholder. In contrast, the other options might be steps taken in certain circumstances but are not universally required for all claims. An independent adjuster's inspection, while it may help in assessing the claim’s validity and amount, is not a mandatory requirement for every claim. Filing a complaint with a regulatory body is unrelated to the claims process and pertains more to addressing grievances about the insurance company itself. Reporting the loss within a specified period, such as 30 days, might be a condition of certain policies, but it is not the defining requirement for the claim to be considered valid. Therefore, the submission of proof of loss stands out as the essential element for a valid claim.