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Is there a statute of limitations for an insurance company to notify a memeber about a claim?
Wiki User
∙ 10y ago
The term "statute of limitations" is mainly used in the context of the period of years in which a lawsuit may be brought. It is dictates by State law and differs based upon the theory of the lawsuit contemplated (verbal contract, written contract, tort, etc.).
What you may be referring to is a body of statutory law in some States that deals with how insurance companies are required to handle (mostly personal-not commercial) insurance claims. In many States, the law is referred to as a "Claims Practices Act", but the precise name may vary. Among other things, it imposes upon the insurer the duty to investigate the facts of the claim promptly and fairly--it often requires that a decision on coverage (whether or not the claim falls within the scope of coverage and the amount payable) be made within a stated period of time. Again, the particulars are dictated by State law--usually the State in which the policy was issued.
Wiki User
∙ 10y ago
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