Tx General Lines - Property And Casualty (Law And Regulations) Questions And Answers

Proof of loss {Ans: form completed by an insured after a loss that provides an official inventory of damages. after receipt of proof of loss claim must be paid with 60 days. Must be in writing and set forth the injuries or damage sustained. A valuation of the loss should also be provided. Insurance company can submit proof of loss to the insured based on the adjuster's contract for repairs. An Insurance Agent does not have authority to waive a written proof of loss. Statute (law) allows an insurance company to deny coverage if insured fraudulently misrepresents items in a proof of loss (inflated valuation of a claim is not necessarily fraud).}Conditions {Ans: describes the rights and duties of the insured and the insurance company under the contract}Supplementary payments {Ans: B - Bail bond costs up to $250; A - Appeal Bonds or release attachment bonds; I - Interest on judgments; L - Loss of pay up to $200 per day; E - Expense incurred at the companies request; D - Defense No $ limit (addition to policy limits) remember acronym BAILED.}Notice of claim {Ans: an obligation of the insured to the insurer after a loss.