Insurance: Typical Insurance items, Defense Expenses and Timely Claims Payment Requirement

Description

This Skill Bit covers essential components of insurance policies, highlighting the various items they cover, including replacement costs, debris removal, and business interruption expenses. It explains that defense expenses cover legal costs in liability policies, ensuring effective claim management. Additionally, it emphasizes the timely claims payment requirement, which mandates insurers to process claims promptly, protecting policyholders from unreasonable delays and ensuring access to benefits without undue hindrance.

Duration approx. 4 Min.

Tier: proficiency