Question

Under the payment of claims provision, when are benefits typically payable after proof of loss is received?

Answer 1

All claims other than those for periodic installments should be paid immediately after the insurer has received proof of loss.

A time of payment of claims provision states the wide variety of days that the insurance company has to pay or deny a submitted declaration. This provision is included to minimize the amount of time that a policyholder has to anticipate his/her payment or for a selection approximately his/her declare.

Claim provision means an amount payable to you under the policy to compensate you for the credit losses you have sustained from unpaid insured receivables.

A claim provision is a clause in an insurance contract that sets forth the process to be followed within the submission and management of claims. In the case of a reinsurance agreement, it states the phrases and conditions under which the reinsurer's legal responsibility for claims will arise.

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