When an insurance agent discovers a fraudulent insurance act, within how many days must the agent report it?

When an insurance agent discovers a fraudulent insurance act, within how many days must the agent report it?

• A. 15 days
• B. 30 days
• C. 60 days
• D. 90 days

Answer: (B)

An insurance agent is required to report a fraudulent insurance act within 30 days upon discovery. This timeframe is set forth to ensure that fraudulent activities are addressed promptly, facilitating investigations and possibly preventing further fraudulent actions. Reporting within this window allows regulatory bodies to maintain oversight and enforce compliance within the insurance industry, thus protecting consumers and upholding the integrity of the insurance system. This requirement reflects the urgency of addressing fraudulent behaviors to mitigate potential losses and maintain public trust in insurance practices.

An insurance agent is required to report a fraudulent insurance act within 30 days upon discovery. This timeframe is set forth to ensure that fraudulent activities are addressed promptly, facilitating investigations and possibly preventing further fraudulent actions. Reporting within this window allows regulatory bodies to maintain oversight and enforce compliance within the insurance industry, thus protecting consumers and upholding the integrity of the insurance system. This requirement reflects the urgency of addressing fraudulent behaviors to mitigate potential losses and maintain public trust in insurance practices.