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What provision requires the insurance company to pay claims promptly?
Wiki User
∙ 12y ago
Every state has some sort of "Prompt Pay Law" which determines how long an insurance company has to pay a claim or they will incur a penalty. However these vary greatly from state to state.
Wiki User
∙ 12y ago
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Name 4 provisions seen in health insurance policies?
- the health insurance policy also has a provision about the insurance company's obligation to pay benefits promptly when a claim is submitted. -the claimant has an obligation to notify th insurance company of a loss (injury, illness, or accident) within a certain period of time or the insurer has the right to deny benefits for the loss
What are the provisions of an insurance policy called?
A provision of an insurance company is often called an automatic premium loan. A provision is often added to life insurance policies as a rider on an insurance policy that has a cash value.
Provisions of the company act in audit?
The provision of the company act in audit requires that all the companies be audited after a given duration of time.
Can you have multiple travel insurance policies?
Yes, you can as long as they are not from the same company. There is usually a standard provision in travel insurance policies that prohibit you from buying more than one policy from the same company however, it does not apply if you buy from a different insurance company.
How soon after an auto accident do you have to report it to your insurance company?
IMMEDIATELY, your policy will say, ''you must promptly report all accidents''
What does the workers comp insurance company need from the employer?
The workers comp insurance company requires the employer to insure all the employees.
Can you sue if a company did not let you advance as stated in their policy?
If the provision of advance payment is there in the policy bond, you are at liberty to sue the Insurance Company for breach of contract.
Can you collect life insurance on someone declared incompetenet?
Probably not unless the insurance company decides to allow it or it was a provision in the life insurance policy. Normally, people are not able to collect on their life insurance policy until the insured dies.
Accidental life insurance covers death by homicide?
Your life insurance policy should contain a provision that stipulates if the policy covers death by homicide. It really varies from policy to policy, depends on the insurance company, etc.
Is it legal for the insurance company not to pay the loan company on a totaled car?
Yes. The insurance policy is a contract. All it requires the insurance company to do is to pay the fair market value of the vehicle. You would need to get what is called gap insurance to pay the difference between the market value and the loan value.
What type of insurance contract requires a lump some or periodic payment in exchange for receiving periodic payments from the insurance company?
That could be an annuity, or a permanent life insurance policy.
Who pay for bonding insurance?
The insured ** simply bill it back to the company that requires the bonding by including it in your pricing to them **
