West Virginia Property and Casualty Licensing Practice Exam

What does the 15 working days acknowledgement requirement refer to?

1. Claims processing

2. Response to inquiries

3. Notification of claims

4. Investigator reports

The correct answer is: Notification of claims

The 15 working days acknowledgment requirement pertains to the timeframe within which an insurance company must notify a claimant or the policyholder that a claim has been received. Specifically, this ensures that the insurer acknowledges the claim by providing communication to the claimant about the status of the claim or the next steps in the claims process. By setting this requirement, regulators aim to ensure that claimants are kept informed, which promotes transparency and accountability among insurance providers. This is crucial in helping to maintain the trust of policyholders in the insurance system. Other options, while related to aspects of the insurance process, do not specifically capture this acknowledgment requirement and may pertain to different processes like the internal handling of claims or the response to inquiries rather than direct acknowledgment of a claim's receipt.