Los Angeles Claims Adjuster Property and Causality Practice Exam

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For insurers other than life and health insurance, how many days must they pay a claim after receipt of satisfactory proofs of loss?

10 days
30 days
60 days
90 days

The correct answer is: 30 days

The correct answer is based on the standard regulatory requirement that insurers, excluding life and health insurance, typically have a specific timeframe to settle claims once satisfactory proof of loss is provided. In many jurisdictions, the requirement is to pay claims within 30 days. This timeframe allows the insurer to investigate the claim adequately and make any necessary determinations while also ensuring that the insured receives timely compensation for their loss. This 30-day period serves to balance the interests of both the insurer and the policyholder, offering enough time for thorough review and processing of the claim. It helps maintain a fair practice in the insurance industry, encouraging insurers to be prompt in their operations to prevent undue delay that can affect the claimant's financial situation.