Which of the following statements about the settlement of a claim are true except the insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company?
1) The settlement of a claim is a process in which an insurance company pays for damages or losses covered by an insurance policy.
2) The insurance policy usually specifies the time frame within which a claim must be reported to the insurance company.
3) The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company.
4) The settlement of a claim may involve an investigation by the insurance company to determine the validity of the claim.