How many days are required for the insurer to either accept or deny a claim after completing its investigation?

The correct answer is based on New York's insurance regulations, which stipulate that an insurer is required to notify the claimant of its acceptance or denial of a claim within a specific timeframe after conducting a thorough investigation. In New York, this timeframe is set at 10 business days. This regulation is designed to ensure that claims are processed in a timely manner, allowing policyholders to receive necessary information regarding their claims as quickly as possible.

This duration reflects an essential component of consumer protection in the insurance industry, ensuring that insurers are prompt in their communications with claimants. Timely decisions are crucial, as they help individuals understand their coverage and any potential next steps in the claims process.