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Question 6 of 16 in Claim Settlement |
Is there a time frame that a company has within which to complete an investigation and settle a claim? |
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In most states, there are fair claim practices laws for insurance companies. A common standard is based upon what is "fair and reasonable." Be aware that there are many "bad faith" lawsuits filed against insurance companies for their failure to deal with their insureds in a "fair and reasonable" manner.
For state specific information, you can use our State Department of Insurance locator under Research Tools for your states specific information.
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