(1) When the insured has made a payment to, granted approval for, or compromised with a third party, or the insured's obligation toward a third party has been settled by a judgment, the insured shall, without delay, give a notice thereof to an insurer.
(2) Unless otherwise agreed as regards the period, an insurer shall pay the insured amount within ten days of the receipt of a notice under the preceding paragraph.
(3) Notwithstanding an agreement whereby an insurer is exonerated from liability when the insured has made, without the consent of the insurer, a payment to, granted approval for, or compromised with a third party, the insurer shall not be exonerated from liability to compensate unless such act is grossly unreasonable.