Exams / Wyoming Life Insurance License / Wyo. Stat. §26-21-113
Wyo. Stat. §26-21-113 — what it says, and how the exam tests it
This section is cited by 2 of our practice questions and is tested on 3 exams including the Wyoming Life Insurance License.
The text
26-21-113. Claims. (a) All claims shall be: (i) Promptly reported to the insurer or its designated claim representative, and the insurer shall maintain adequate claim files; (ii) Settled as soon as possible and in accordance with the terms of the insurance contract; (iii) Paid either by draft drawn upon the insurer or by check of the insurer to the order of the claimant to whom payment of the claim is due pursuant to the policy provisions, or upon direction of the claimant to one specified. (b) No plan or arrangement shall be used whereby any person other than the insurer or its designated claim representative is authorized to settle or adjust claims. The creditor shall not be designated as claim representative for the insurer in adjusting claims, except that a group policyholder, by arrangement with the group insurer, may draw drafts or checks in payment of claims due to the group policyholder subject to the insurer's audit and review.
Public record. Read the full, current section at the official source: wyoleg.gov
How it comes up on the exam
Practice questions written from this section — answers and explanations are in the drill.
- Under Wyoming law, how must claims under a credit insurance policy be paid to the claimant?
drill Wyoming Statutes, Rules, and Regulations Common to Life, Accident and Health, Property and Casualty Insurance → - Under Wyoming credit insurance law, who is generally prohibited from being designated as a claim representative for the insurer in adjusting claims?
drill Wyoming Statutes, Rules, and Regulations Common to Life, Accident and Health, Property and Casualty Insurance →