DUTIES OF INSURANCE COMPANY

DUTIES OF INSURANCE COMPANY

Insurance company (ies) have duties and obligation expected to comply with, while handling a claim submitted by a policy holder.

1. An insurance company is mandated to treat its policy holder in a reasonably and good manner, they are to fully investigate claim submitted by their policy holder and should never deny claim prior in making a complete investigation.

2. They also have duty to exercise diligent in the handling and payment of claims.

3. They are mandated to make prompt and full payment on claims, when liability is not in dispute. When an insurance company does deny a claim, it a duty for them to provide the policy holder, with an evidence or basis for such denial.

4. An insurance company is not expected to harass or embarrass a witness or solicit false statement to close a file unless a policy holder reasonably, it conduct under California law may be said, it is not effective and could result to damage above, which may go beyond the contract benefit under the policy, “my brother keeper duties and liability of agent and broker”

In Nigeria today, insurance policy has played many important role in societies, protecting individuals, properties and businesses from different types of risk.

A wide variety of policies and product have been developed to cover common and not so common risk found in today business or construction world.

However in these eye of law, agent and broker, it incur certain duties and obligation undertaken to acquire insurance coverage for a customer and which continue after delivery of the policy, which they and the insurance companies should be aware of.

6.  Insurance policy or companies are mandated to disclose coverage to their holder.

This duty is widely accepted and recognized as a component of the duty of good faith and fair dealing in the environment claim, however the system has been violated by the insurance policies, which demand to conceal, rather than disclose coverage environmental claims.