In plain English
It is a written record of the information given to an insurer about a policy and the risk it covers. It brings together the policy details and the facts the applicant or policyholder has declared.
In context
Here, "statement of fact" names the document used to review the policy details and the declared risk information the insurer has on file.
- Situation
- Renewing, changing, cancelling, and retrieving policy documents
- What it communicates
- names a review document for the policy information on file
Meaning limits
The term itself does not show whether the recorded information is correct, complete, or accepted beyond being what was declared to the insurer.
Examples
“After the call, the insurer sent a statement of fact showing the policy details and the claims the driver had declared.”
“At renewal, the broker reviewed the statement of fact to confirm the address, named drivers, and business use on file.”