Within what time frame must an insurer acknowledge a claim and begin the investigation?

The correct time frame for an insurer to acknowledge a claim and begin the investigation is 15 calendar days. This timeframe is regulated to ensure prompt communication and action regarding the claim, which is vital for the policyholder's peace of mind and to facilitate the claims process.

Insurers are required by law to acknowledge the receipt of a claim within this specific period, which helps in managing expectations and provides a clear standard that protects consumers. Prompt acknowledgment signals to the claimant that their issue is being taken seriously and that the insurer is committed to resolving the claim.

This standard is very important in the insurance industry as it encourages fair practices and minimizes the potential for complaints regarding delays. By adhering to the specified timeframe, insurers can demonstrate efficiency and maintain a good relationship with their clients.