What is the standard of care for an insurance company?

In Minnesota, the standard of care for an insurance company is the duty to act reasonably and in good faith when dealing with insured persons. This includes providing prompt, courteous, and honest service, using reasonable judgment when making decisions and taking appropriate action. Insurance companies must also keep reasonable and accurate records. Insurance companies must provide accurate and complete information about insurance policies to their insureds, including details about the policy’s coverage, exclusions, and limitations. They must also promptly investigate any claims and meet the terms of the policy as soon as possible. Insurance companies also must keep their customers informed of their insurance options. This includes explaining the terms of a policy, its coverage, and the available discounts. They must address customer questions and concerns in a timely and professional manner. Insurance companies also must avoid conflicts of interest when handling insurance claims. They must treat all parties fairly and with respect. Additionally, they must take all reasonable measures to ensure the accuracy of the information they collect and submit to the state insurance commissioner. Overall, insurance companies in Minnesota are required to take all necessary steps to protect their insureds from fraudulent and misleading activities. They must act with integrity, honesty, and discretion when dealing with their customers.

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