NAIC Unfair Claims Settlement Practices Model Act (MDL-900) and Model Regulation (MDL-902)
Model Regulation sections 5 and 6: misrepresentation of policy provisions and acknowledgement of communications – NAIC Unfair Claims Settlement Practices Model Act (MDL-900) and Model Regulation (MDL-902)

NAIC Unfair Claims Settlement Practices Model Act (MDL-900) and Model Regulation (MDL-902) mdl902-s5-no-final-release-language: Do not mark a payment as final or a release unless the limit is paid or a compromise was agreed, and never use release language on partial payments

What does mdl902-s5-no-final-release-language require?

No insurer may indicate on a draft, cheque or accompanying letter to a first party claimant that the payment closes or releases the claim unless the full policy limit has gone out or claimant and insurer have agreed to compromise on both coverage and amount. Partial-settlement cheques or drafts under a specific coverage must not carry wording that purports to free the insurer, or its insured, of all liability.

Maintained by Gerard Blokdyk

Other controls in Model Regulation sections 5 and 6: misrepresentation of policy provisions and acknowledgement of communications – NAIC Unfair Claims Settlement Practices Model Act (MDL-900) and Model Regulation (MDL-902)

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The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.