Question

Every insurer must pay the claim within what time period after all the parties are in agreement on the amount of the claim?

a) 10 days
b) 15 days
c) 30 days
d) 45 days

Answer 1

The correct answer is c) 30 days. Every insurer is required to pay the claim within 30 days after all the parties are in agreement on the amount of the claim.

Step-by-step explanation:

The correct answer is: c) 30 days

Every insurer is required to pay the claim within 30 days after all the parties are in agreement on the amount of the claim. This timeframe is defined by the insurance regulations and is meant to ensure that claimants receive prompt payment once the amount of the claim has been agreed upon.

For example, if an insured party submits a claim to their insurance company and the parties negotiate and agree on the amount of the claim within a week, the insurance company has 30 days from that point to make the payment to the claimant.