The NAIC Model Legislation governing the settling of insurance claims was created:
a. To provide insureds with a step-by-step process to submit claims to their insurer.
b. To set forth standards for foreign an alien insurers to follow when conducting business outside of their state/country of domicile.
c. To set forth standards for the investigation and disposition of claims arising under policies or certificates of insurance.
d. To provide mandatory federal legislation that all insurers conducting business in the United States must follow, regardless of the state in which they are domiciled.
Answer: c. To set forth standards for the investigation and disposition of claims arising under policies or certificates of insurance.
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A) the premiums remain constant, but the face amount of the policy declines. B) the premiums decline, and the face amount of the policy declines. C) the premiums remain constant, and the face amount of the policy remains constant. D) the premiums decline, and the face amount of the policy increases.