Illinois Health Insurance Practice Exam

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What is the time limit for filing Notice of Claims (Notice of Loss)?

10 days
15 days
20 days
30 days

The correct answer is: 20 days

The correct answer is 20 days. In Illinois, the law specifies that an insured must provide notice of a claim to the insurance company within 20 days after the occurrence or discovery of the loss. This requirement helps ensure that claims are processed in a timely manner and allows the insurer to start its investigation promptly. The other options do not align with the requirement set forth in Illinois law. A shorter time frame of 10 or 15 days would not provide sufficient time for the policyholder to gather necessary documentation and inform the insurer, while a 30-day period exceeds the standard established for timely reporting of claims. Thus, the 20-day limit strikes a balance between promptness in reporting and reasonable time for the insured to act.