Last month's article offered an overview of the provisions found in 19 states' versions of the Unfair Claims Practices Regulations. These regulations extend the deadlines to accept or reject a claim and/or waive the requirement for providing the claimant reasons as to why the insurer is seeking a time extension for the investigation, should evidence of fraud or arson be found. In this article, we will discuss claim handling in states where no such protections appear to exist. We will also discuss some general concepts regarding handling arson or fraud claims in both types of jurisdictions.
Certain basic guidelines, some of which will be outlined in detail, should assist an adjuster who is confronted with a suspicious loss — such as fire, theft, and vandalism — or a damage claim that appears to be intentionally exaggerated. In the states listed in the sidebar "Waiving Regulations," these become particularly important, given the tight time frames under which the adjuster must operate.
Early-Bird Strategies
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
