Final Answer:
An insured must wait at least 60 days after proof of loss has been submitted before filing a lawsuit.
Step-by-step explanation:
1. **Waiting Period:** The statement establishes a waiting period that an insured must observe before taking legal action. This waiting period is specified as at least 60 days.
2. **Proof of Loss Submission:** The waiting period commences after the insured has submitted proof of loss. Proof of loss is documentation provided by the insured to the insurance company to support a claim, often detailing the nature and extent of the loss.
3. **Lawsuit Filing:** The insured is prohibited from filing a lawsuit during the initial 60-day waiting period. This provision is commonly included in insurance policies and contracts to allow the insurance company a reasonable timeframe to assess the claim and respond before legal proceedings are initiated.
This waiting period is designed to encourage communication and negotiation between the insured and the insurance company, providing an opportunity for resolution without resorting to immediate legal action. It's important for policyholders to be aware of and adhere to such waiting periods as outlined in their insurance policies.