The mandatory 'time of payment of claims' provision requires the insurer to pay claims:
Explanation
The time of payment of claims provision requires the insurer to pay benefits promptly, immediately or within a specified number of days after receiving acceptable proof of loss, so a valid claim is not left unpaid. Paying at the insurer's discretion, only at year-end, or after a two-year delay would defeat the purpose. This provision protects insureds from unreasonable delays once they have properly documented a covered loss.
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Related questions on this topic
- The mandatory 'notice of claim' provision requires the insured to notify the insurer of a claim within:
- Under the 'claim forms' provision, if the insurer fails to furnish claim forms within the required time (usually 15 days) after receiving notice of claim, the insured may:
- The mandatory 'proof of loss' provision generally requires the insured to submit proof of loss within:
- The mandatory 'payment of claims' provision specifies:
- The mandatory 'physical examination and autopsy' provision gives the insurer the right, at its own expense, to:
- The mandatory 'legal actions' provision prevents an insured from bringing a lawsuit against the insurer until:
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