Insurance claim
An insurance claim is a request for compensation under an insurance policy after an event potentially covered by its terms. An accounting or assurance engagement may involve evaluating the event, amount claimed, policy coverage and supporting evidence. Accounting treatment depends on the circumstances and applicable reporting framework.
Worked example
After equipment is damaged, a business submits a claim and the practitioner examines the policy, repair records and insurer correspondence.
Common mistake
Submitting a claim does not prove that the insurer accepts liability or that the full amount is recoverable.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | AAA (INT) | Supporting | September 2026–June 2027 |