As we continue to solve the top insurance problem, this week bring us to: Required compliant notices and/or disclosures not being provided.
An adjuster has all kinds of disclosures to worry about: total loss settlements, salvage, and policy limit disclosure, just to name a few. So as of today, how do they keep track? Well, it seems that most aren’t which is why it’s a top problem!
At Claim Toolkit, we keep all our information up to date by staying in the know. One of the ways we do this is by looking at market conduct exams, talking with customers and reading articles. We’ve been seeing and hearing P&C insurance problems that have easy solutions to them so we want to help!
We are going to kick off with: Paying, investigating, acknowledging and/or denying claims outside of the specified time frames.
We’re sure that no is surprised that this is a top issue for insurers! As an adjuster, how many time frames do you need to keep track off? That’s why Claim Toolkit for Compliance create a Communication Time Limits chart.
This is one of our most popular charts as it outlines time frames for everything you need to know when handling a claim – in every state, plus DC.
How many days does the insured have to make proof of loss after a blank form is supplied by the insurer? For North Dakota, its 60 days
How many days does an insurer have to make a decision on claims/benefits within receipt of a valid and complete claim? In Colorado, 60 days
Claim Toolkit for Compliance can’t ensure that you meet these time frames, but we can give you all the information you need to try!