Texas Unfair and Prohibited Practices
Texas insures must acknowledge receipt of a claim within:
15 days
Indemnify insurance, inc. is a Texas insurer has violated the regulation with regard to the timely payment of claims, indemnify will now be required to pay interest on the amount of the claim at a rate of:
18% per year
Surplus lines companies in Texas have _______ to acknowledge the receipt of a claim.
30 days
When a Texas insurer has reason to believe that a loss resulted from arson, the time limit the insurer has to notify the claimant of acceptance or denial of the claim is ______ after the date the insurer receives all items, statements, and forms required by the insurer to process the claim
30 days
In Texas, if an insurer delays the payment of a claim beyond the period specified by law for more than ____________, they must pay damages to the insured/claimant.
60 days
A "complaint" as specified in the Texas insurance code is any written communication to an insurer, not solicited by the insurer, primarily expressing a grievance relating to:
An unfair claim settlement practice
The Texas insurance code specified that "misrepresentation" includes all of the following, EXCEPT:
Any false statement
Katherine lives in Texas. A third-party claim has been filed against her insurance policy by Joe, for an accident in which Katherine was liable. Joe's attorney contacts Katherine's insurance company and makes an initial offer to settle the claim. The insurance company must notify Katherine of the offer, in writing:
Not later than the 10th day after the date the initial offer was made.
Katherine lives in Texas. A third-party claim has been filed against her insurance policy by Joe, for an accident in which Katherine was liable. Joe's attorney contacts Katherine's insurance company and makes an initial offer to settle the claim. The insurance company must notify Katherine of the offer, in writing:
Not later than the 10th day after the date the initial offers was made.
Which of the following is NOT TRUE with regard to the "defamation of an insurer" as it is explained in the Texas insurance code?
The defamatory statement must be made in written form
Which of the followings not true with regards to the " Defemination of an Insurer" as it explained in the Texas Insurance Code?
The defamatory statement must be made in written forms
The records of complaints that all insurers in Texas must indicate the following, EXCEPT:
The license number of the person within the insurance company that generated the comp
If an insurer in Texas has received a large number of complaints of unfair claim settlement practices, the Department may subject the insurer to closer supervision. As part of this closer supervision, the Department can request that the insurer submit periodic reports containing claims information for:
The preceding 12 months or from the date of the insurers last periodic report, whichever is shorter.
In Texas it is considered to be an unfair or prohibited practice if an insurer does not keep a record of all complaints received for:
The preceding three years
