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The laws vary from state to state concerning time requirements on reporting/responding to losses. Additionally, many states do not have a specific insurance regulation saying that a claim must be settled in xx amount of days. There are, however, other relavent statutes that apply to claims. For example, the insurance company may be required to acknowledge your claim and assign a claim number to it within 10 days (working days, calendar days). Your best bet is to call your department of insurance to find out what time limits the insurance company is legally bound by. The DOI in your state probably has a web site that you can search around in.
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Need to check the state law for the statute of limitations for property damage claims.
Answer . I don't know, but they do pay interest on the $$$ from the date of death.
Not necessarily, but should you suffer a loss involving that area again and it is unrepaired you will not be paid again for that damage, or the amount paid this time will be d…educted from the new claim...Also you mortgagee may have to sign off on it. You normally have 180 days to have repairs completed. If you have a mortgage most likely your mortgage company will force you to make the repairs. remember... they own your home until its paid off. Best thing to do is complete the repairs.
Answer . Each jurisdiction sets it's own regulations in regards to responding to a claim and settlement time allowed after a claim is Filed. In most jurisdictions a respon…se or acknowledgemnt of a claim is required in 30 days of notification and an offer of settlement is required in 60 days unless extenuating circumstances apply.. An inability to reach agreement between the Insurer and the Claimant on the amount of a loss automatically creates an extenuating circumstance.
Can a life insurance company take as long as they want before they pay a claim or do they have a time limit?
Answer A time limit is imposed by state law. Consult your local state insurance board.
It depends on the type of loss.
It all depends on the state the claim is filed. If a state does not have a set amount of time of the company to investigate and make a decision on a claim, they are required t…o do it in a "reasonable" amount of time, depending on what time of auto claim it is.
Does an insurance company still have to pay a homeowners claim if it was filed before the person died?
Yes. The homeowner's claim could be pursued by their probate estate (executor or personal representative). Most coverage would not automatically terminate anyway at the death …of the homeowner, so the estate of the insured person would be the recipient of any proceeds. Normally wills have language to address that insurance proceeds are payable to the named beneficiary of an asset in lieu of the asset if it is destroyed. And most homeowner's policies are for a defined term, so as long as the policy is in effect, it should cover a claim arising during that time period.
You can sue anyone for anything; the question is can you win. If you have fulfilled all of your contractural obligations regarding a claim, including making sure y…our policy had not lapsed due to nonpayment of premiums and making sure that all the necessary claims paperwork includes all the required details and is properly submitted, and yet the insurance company continues not to honor their side of the contract, whether they have simply delayed your payment for an unreasonable period of time or if they gave you a reason for denying your claim which you proved to be untrue, filing a lawsuit against them may be the only way to collect what they owe you. Immediately start logging everything that has to do with the claim and your attempts to collect. Include dates and times. It may be invaluable to have recordings of your encounters with the insurance company. Keep in mind that you may be legally required to inform them when you are making a recording. I think a judge can honor a defendant's request to disregard any illegally obtained evidence. Visit a web site like FindLaw to learn whatever else you need to know. Brainstorm every question you could possibly think of that you might be asked in court, and make sure you have the answers to every one of them when you enter the court room.
It depends on the severity and complexity of the loss. They might pay you in 3 days or 30 days or 60 days. There is no wayof knowing without the details of your loss.
Every state has some sort of "Prompt Pay Law" which determines how long an insurance company has to pay a claim or they will incur a penalty. However these vary greatly from s…tate to state.
An insurance contract is an agreement between the insurer and the insured. By its terms, in return for the payment of a premium by the insured, the insurer agrees to pay on be…half of the insured, certain damages for which the injured may be legally liable. The insurer may have other obligations, too, such as to provide a defense (hire a lawyer and pay related expenses) on behalf of the insured. It is important to understand that both the insurer's and the insured's obligations are specified in the policy. Therefore, if there is an occurrence that falls outside of the undertakings of the contract, the policy will not provide coverage. An example of this is that an auto insurance policy does not provide coverage for damage to furniture caused by a house fire. Likewise, if the insured has not paid premiums as agreed and the policy lapsed before a covered occurrence happened, the insurer may properly deny coverage because the policy was not in force at the time of the occurrence. There are other circumstances under which an insurer may be within its rights not to pay. Just what those circumstances are depend upon the kind of insurance involved and the facts of the dispute.
All of them do.
The answer depends on several factors, not the least of which is the terms of the insurance policy. That is, an insurance policy is a contract that specifies the rights and re…sponsibilities of the parties (the insurer and the insured). Every insurance policy provides limits as to how much, under what circumstances, and for what payment will be made. A good example is the contents portion of a homeowner's policy (this is the coverage for your furniture, clothing, etc. that may be damages or destroyed in a covered occurrence, such as a fire). If the policy is written on a "replacement cost" basis, all other things being equal, you will be able to be reimbursed for the cost of replacing the items that you lost. This is subject to the limitation that the replacements be of "like kind and quality" of the ones destroyed. This goes to the principle that insurance is not intended to be a money-making proposition for the insured--it is to indemnify. However, if the policy provides for "actual cash value" contents coverage, the insurer will pay the depreciated value of the lost or destroyed property. Factors considered in doing this include age and condition at the time of the loss. Assuming that a life insurance policy is in force at the time of a the insured's death, the insurer will ordinarily pay the face value of the policy, less any money owing from policy loans that the insured may have taken (assuming that whole life insurance is involved). If it is a term policy, the face value is normally paid. Health insurance works similarly. The policy will provide what is covered and what is not, what is excluded, and any deductibles or copayments that is the responsibility of the insured.
If your Motor Car policy covers First Party and your car getsdamaged by a collision, the insurance co. will pay for that.Whereas when there is Third Party coverage in your pol…icy and athird party's car gets damaged by your car, the third party's claimwill be borne by the insurance co.