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MULTI-PURPOSE ENDORSEMENT -MANDATORY - Cont'd Page ? <br />(4) the actual cash value of each Item of property end the amount of loss to each item. <br />• (5) the name of the occupant and the occupancy of the building et the time of the loss. <br />b. If this pollcy provides replacement cost coverage and the Insured elects to me ke claim under the replacement cost <br />toverege of this pollcy, this Droof of loss shell also state, to the best knowledge end belief of the insured: <br />(1) the rcDlecement Lost of the described property. <br />(2) the full cost of repefr or reDlecenk:nt of loss without deduct ton for deDrccietton. <br />8. Vithin 15 days after tA1s company receives written notice of claim, this camDeny must: <br />1. ecknorledge rccelDt of the claim. <br />If the acknorledgement of She claim is not 1n rriting, this company w111 keep a record of the date, method end content of the <br />acknorledgement. <br />2. begin any tnvestigetlon of the claim. <br />3. specify the information the insured must provide in accordance rith item A. above. <br />This company may request more information, if during the lnvestigeti on of the claim such additional information is necessary. <br />C. After this comDeny receives the information requested, this company must notify the insured in rriting rhether the claim <br />wilt be paid or has been dented or rhether more information is necessary: <br />I. rithln 15 business days; or <br />2. within 30 days tf this company has reason to believe the lass resulted from arson. <br />D. If Sh1s company does not approve payment of the claim or requires more time for processing the claim, the company must: <br />1. give the reasons for denying the claim, or <br />• 2. give the reasons this company requires additional time to process the claim. But, this company must either approve or <br />deny the claim rithln 45 days after requesting more time. <br />V. Loss Payment <br />The folloring provisions reDlece the Vhen loss payable under the Basic Conditions contained to the policy to which this form is <br />ettechetl: <br />A. If th15 company notifies the insured that payment of the claim or part of the claim rill be made, this company must make <br />payment rithln 5 business days after notiflcetion to the insured. <br />B. If paynw•nt of the claim or Dert of the claim requires the performance of en act by the Insured, this company must me ke <br />payment within 5 business days after the date the insured Derforms the act. <br />VI. Definitions <br />"Business day', when used in this endorsement, means a day other than Saturtlay, Sunday or holiday recognized by the state of Taxes. <br />u <br />Prescribed by the State Board of Insurance <br />Form No. 29-MULTI-PURPOSE ENDORSEMENT - MANDATORY-Effective September 1, 1991 <br />