How many working days are insurers required to pay a claim after acknowledging it?

Insurers are required to make a claim payment within a specific timeframe after acknowledging the claim to ensure timely processing and customer satisfaction. The correct answer indicates that insurers must pay a claim within 5 working days of acknowledging it. This requirement is designed to promote efficiency in claims handling and to protect the interests of policyholders, ensuring they receive their benefits promptly after a loss occurs.

This timeframe aligns with regulatory standards aimed at fostering accountability and transparency in the insurance industry. By setting such a clear timeline for payment, policyholders can have a better understanding of when to expect their claim settlements, which can be crucial following an unexpected event that necessitates financial support.