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Failure to acknowledge a claim within 10 working days is an unfair claims settlement practice.
By unfair claims settlement practices, what do you mean?
When an insurer attempts to postpone, prevent, or minimize the amount of a claim that must be paid to an insured party, this is known as an unfair claims practice. When insurers behave in this way, they frequently use illegal methods in an effort to cut costs or postpone paying out benefits to insured parties. To safeguard insured parties from unethical action on the part of insurers during the claims settlement process, many states have established unfair claims practices legislation. State-by-state variations apply to the Unfair Claims Settlement Practices Acts (UCSPA), which are enforced by individual states as opposed to the federal government.
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