Which of the following documents is crucial for understanding a client's past insurance claims?

The loss run is essential for understanding a client's past insurance claims as it provides a comprehensive record of all claims submitted by the client within a specific period. This document typically includes details such as the date of each claim, the amount claimed, the status of the claim, and any payouts made. By reviewing the loss run, agents or brokers can gain insight into the client's claims history, identify patterns in losses, and assess risk more accurately. Such information is vital for making informed decisions regarding coverage options and underwriting processes.

In contrast, the claims report usually summarizes specific claims filed but may not provide a complete historical overview as the loss run does. The insurance application primarily focuses on the client's current information and risk factors rather than historical claims. The coverage summary outlines the policy's coverages and limits but does not delve into past claims. Overall, the loss run serves as a critical tool for agents and brokers in evaluating a client's risk profile based on their claims history.