What is the term for the insured's notification to the insurer requesting payment for a covered loss?

The term that refers to the insured's notification to the insurer requesting payment for a covered loss is "claim." When an insured individual experiences a loss that is covered under their insurance policy, they submit a claim to the insurer detailing the events and indicating their request for compensation. This process initiates the insurer's obligation to assess the loss and determine the validity and extent of the payment due based on the terms of the policy.

Understanding claims is crucial in the context of accident and health insurance, as they represent the mechanism through which insured individuals receive financial support for their losses. Submission of a claim typically involves providing relevant documentation, such as medical records or proof of loss, which the insurer will review to process the request.

The other terms listed, while related to insurance, do not encapsulate the act of notifying the insurer for payment. Premium refers to the amount paid for the insurance policy, deductible signifies the amount the insured must pay out of pocket before the insurance coverage kicks in, and limit of liability pertains to the maximum amount an insurer will pay for a claim under the policy. Each of these terms plays an important role in the insurance field, but only "claim" accurately describes the action of requesting payment for a covered loss.