Louisiana Revised Statutes 22:1895 – Homeowner’s insurance; claims payments and settlements
Terms Used In Louisiana Revised Statutes 22:1895
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
No payment of a claim on a homeowner’s insurance policy shall be considered a final settlement if the insurer fails to provide the insured with a statement that accurately reflects the amount paid under each category of coverage under the policy. The statement shall list each provision of coverage in the policy under which the insured may be entitled to payment, the maximum amount that may be paid under each category of coverage, and the amount actually included for payment under each category of coverage. The statement shall be given to the insured prior to the execution of a release by the insured.
Acts 2005, 1st Ex. Sess., No. 38, §1, eff. Dec. 6, 2005; Redesignated from La. Rev. Stat. 22:1471.1 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.