Insurance Licensing Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Virginia-Life-Annuities-and-Health-Insurance Question # 76 Topic 8 Discussion
Insurance Licensing Virginia Life, Annuities, and Health Insurance Examination Series 11-01 Virginia-Life-Annuities-and-Health-Insurance Question # 76 Topic 8 Discussion
Virginia’s Unfair Claims Settlement Practices Act defines failure to promptly investigate and settle claims as an unfair practice. This protects consumers from unnecessary delay.
Exact Extract (Virginia Insurance Law): “Failing to adopt and implement reasonable standards for prompt investigation and settlement of claims is an unfair claim settlement practice.”
References (Virginia Documents / Study Guide):
— Code of Virginia §38.2-510 (Unfair claim settlement practices)
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