Which statutory condition specifies the process for notifying an insured after a loss?

The correct answer is the condition that specifically addresses the requirement for notifying the insured after a loss, which is commonly referred to as the "Notice" condition. This statutory condition outlines the obligations of the insured to inform the insurance company of a loss within a specified period. Timely notification is crucial as it allows the insurer to assess the claim accurately and determine the appropriate course of action regarding the coverage and possible compensation.

In the context of insurance policies, failing to notify the insurer in accordance with the "Notice" condition could result in complications or even denial of the claim. This condition ensures that the claims process is initiated efficiently, enabling both the insured and insurer to engage in the next steps, such as investigating the loss and determining potential payment.

Other conditions like "Action," "Replacement," or "When Loss is Payable" do not focus specifically on the notification process after a loss. Each of those conditions addresses different aspects of the insurance policy, such as the actions that can be taken regarding legal proceedings, the replacement of damaged property, or the timeline concerning when the insurer is obligated to pay a claim. However, when it comes to the requirement of notifying the insured after a loss, the "Notice" condition is the most relevant and correct response.