Question

the loss payment provision in an inland marine policy states that the carrier must take action within_________days of receipt of the proof of loss

Answer 1

The loss payment provision in an inland marine policy specifies the deadline for the insurer to act upon receipt of the proof of loss, typically ranging from 30 to 60 days depending on the policy.

Step-by-step explanation:

The loss payment provision in an inland marine policy generally stipulates the time frame within which an insurer must take action upon receipt of the proof of loss from the insured. The specifics of the time frame can vary depending on the policy and the insurance provider. However, standard industry practice often requires action to be taken within a certain number of days, commonly ranging from 30 to 60 days.

To obtain the precise number of days for a particular policy, one should refer to the policy documents or check with the insurance company. This provision ensures that there is a clear deadline for the insurer to either pay the claimed amount, deny the claim, or ask for additional information, after receiving the complete and necessary documentation to substantiate the claim.