California Insurance Code & EthicsQuestion 32 of 158
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.30 days
b.40 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)Practice all 158 questions free — no signup required.
Related questions on this topic
- An auto broker tells a prospect that a competitor's company is 'about to go bankrupt' even though there is no public evidence to support that statement. Under California law, this conduct is best described as which prohibited unfair practice?
- Under the Fair Claims Settlement Practices Regulations, after receiving notice of a personal auto claim, an insurer must acknowledge the claim within how many calendar days?
- After receiving a complete proof of loss for a residential property claim, an insurer must accept or deny the claim, in whole or in part, within how many calendar days?
- A California personal lines broker-agent renewing a license for the second time must complete how many hours of continuing education during each two-year license period, including the ethics requirement?
- A personal lines broker-agent collects premium from a homeowner. Under §1733, those funds are held in what capacity?
- Under §1668, the Commissioner may deny a personal lines broker-agent license application for any of the listed grounds. Which of the following is NOT a statutory ground for denial?
Last reviewed: · editorial process
PrepPass Editorial Team · Verified against California Personal Lines Insurance License Exam · How we review