Affidavit of Loss – Definition

Cite this article as:"Affidavit of Loss – Definition," in The Business Professor, updated January 25, 2020, last accessed May 31, 2020, https://thebusinessprofessor.com/lesson/affidavit-of-loss-definition/.

Back To: INSURANCE & RISK MANAGEMENT

Affidavit of Loss Definition

An affidavit of loss is a form that swears to the loss of a specified asset or assets. The form is filed with a company that will take action based upon the loss.

For example, an affidavit of loss must be filed with the insurer before it will process and provide compensation for the loss of or damage to a covered asset.

A Little More on What is an Affidavit of Loss

The affidavit will contain the following information:

  • Owner of said property;
  • Information about the property;
  • Nature of Loss; and
  • Date of Loss.

Affidavits or loss are commonly required by insurers. Once the affidavit of loss is filed and accepted, the insurer can process and issue a letter of indemnity. This letter of indemnity requests replacement of the destroyed/damaged asset or compensation for the loss.

Companies that issue certified documents (such as shares of stock, promissory notes bank cards, etc), may require an affidavit or loss before it will issue new share certificates to the owner.

Affidavits of loss may also be required when requesting a replacement for government-issued documents, such as a passport, driver’s license, vehicle titles, marriage license, etc.

Reference for “Affidavit of Loss”

https://www.wonder.legal › Documents › Personal › Daily Life

https://definitions.uslegal.com/a/affidavit-of-loss/

https://definitions.uslegal.com/a/affidavit-of-loss/

https://definitions.uslegal.com/a/affidavit-of-loss/

www.businessdictionary.com/definition/affidavit-of-loss.html

Academics Research on “Affidavit of Loss”

A Critique of the Operation of the Theft and Fraud Guidelines from the Perspective of One Probation Officer, Tryles, F. S. (1997). A Critique of the Operation of the Theft and Fraud Guidelines from the Perspective of One Probation Officer. Fed. Sent’g Rep., 10, 131.

Savings Departments in Banks of Discount and Trust Companies, Kniffin, W. H. (1923). Savings Departments in Banks of Discount and Trust Companies. Bankers’ Magazine (1896-1943), 106(3), 468.

Bona Fide Purchasers of Lost and Stolen Securities: Meeting the Good Faith and Notice Requirements, Yadley, G. C., & Ilkson, A. S. (1982). Bona Fide Purchasers of Lost and Stolen Securities: Meeting the Good Faith and Notice Requirements. Geo. Mason UL Rev., 5, 101.

Investment Securities, Mann, B. A. (1975). Investment Securities. Bus. Law., 31, 1573.

Unclaimed Dividends, Escheat Statutes and the Corporation Lawyer, McBRIDE, D. N. (1958). Unclaimed Dividends, Escheat Statutes and the Corporation Lawyer. Bus. Law., 14, 1062.

Was this article helpful?