Which of the following situations would NOT be considered an unfair claim settlement practice according to the NAIC Model Act?
a. Settling a claim for an amount that was less than the insurance advertisement given to the insured indicated at the time of the insurance application.
b. Issuing a denial of claim before conducting a reasonable investigation.
c. Binders Keepers Insurance routinely fails to acknowledge pertinent communications regarding claims within the time frame required by state law.
d. Indemnify Insurance pays thousands of claims per year, but on two of those claims they failed to accept or deny the claim within the time frame required by state law.
Ans: d. Indemnify Insurance pays thousands of claims per year, but on two of those claims they failed to accept or deny the claim within the time frame required by state law.
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Which one of the following will result in an accruable expense for an accrual-basis taxpayer?
a. An invoice dated prior to year end but the repair completed after year end. b. A repair completed prior to year end but not invoiced. c. A repair completed prior to year end and paid upon completion. d. A signed contract for repair work to be done and the work is to be completed at a later date.
Communication is the most visible or audible of marketing activities, but its value is limited unless it is used intelligently in conjunction with other marketing efforts
Indicate whether the statement is true or false