How Long Does An Insurance Company Have To Settle A Claim In Arkansas
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Once the insurer agrees to pay the claim it must make payment within five days.
How long does an insurance company have to settle a claim in arkansas. Within 15 days of receiving all the necessary paperwork insurance companies must accept or deny the claim. In some situations however it could take months for the insurance company to send your check. Many states are required to reach settlement within 30 to 45 days of accepting the claim. Checks mailed within 30 days upon successfully settling car accident claims most insurance companies will mail out checks within 30 days.
After this the time period ranges from between 10 and 60 days for the company to inform you whether or not they will pay the amount requested and begin the transaction process. Depending on the complexity of the case severity of your injuries and how quickly the insurance company responds you may have to wait three months or more to reach a settlement. The state allows insurers 45 more days to decide on a claim but they must inform you in writing. Most states have regulations for how long an insurance company can take to settle your claim after it is filed.
Sixty days is the maximum amount of time an insurer has to settle a claim without facing fines and penalties. The typical wait for a settlement check after the resolution of a claim is one to two weeks.
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