Final answer:
An accident and health insurer usually requires a waiting period after receiving written proof of loss from an insured. During this time, the insured cannot receive a claim settlement or file a lawsuit against the insurer.
The waiting period does not affect the insured's ability to seek medical treatment for the covered condition or cancel the insurance policy.
Step-by-step explanation:
An accident and health insurer has just received written proof of loss from one of its insureds. The insured must now wait 60 days before:
A) Receiving a claim settlement
After providing written proof of loss, the insured must wait for the insurer to process the claim and determine the settlement amount.
This waiting period allows the insurer to investigate the claim and verify the loss before making a payment.
B) Filing a lawsuit against the insurer
If the insured is dissatisfied with the claim settlement offered by the insurer, they may choose to file a lawsuit. However, they must wait for a specified period of time, often 60 days, before taking legal action.
C) Seeking medical treatment for the covered condition
The insured's ability to seek medical treatment for a covered condition is not dependent on the waiting period after submitting proof of loss.
They are typically able to receive medical treatment immediately as long as it meets the terms and conditions of their health insurance policy.
D) Cancelling the insurance policy
The insured is generally able to cancel their insurance policy at any time, regardless of whether they have submitted proof of loss or not.
However, it is important to check the specific terms and conditions of the policy to understand any cancellation fees or requirements.