California Insurance Code & EthicsQuestion 32 of 47440% of test-takers get this one wrong

Once the insurer and the insured reach written agreement on the amount payable for a homeowners loss, payment must be issued within how many calendar days?

a.40 days
b.30 days
c.45 days
d.60 days

Explanation

Title 10 CCR §2695.7(h) requires that, no later than 30 calendar days from the date the parties agree in writing on the amount of the claim, the insurer must tender payment. Failure to do so may trigger 10% statutory interest under Civil Code §3287.

Law Reference: CCR Title 10 §2695.7(h)

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