What is the payment timeframe required after proof of loss is agreed upon?

The timeframe required for payment after proof of loss is agreed upon is 30 days. This standard reflects the expectation that once an insurer has received and acknowledged the valid proof of loss from the policyholder, they have a reasonable period to process and settle the claim.

This 30-day requirement allows insurers to review the claim adequately, conduct any necessary investigations, and ensure that all aspects are in order before issuing a payment. This timeframe facilitates a balance between consumer protection and the operational needs of insurance companies to verify claim legitimacy and avoid fraudulent activities.

Understanding this timeframe is essential for policyholders, as it informs them of their rights regarding timely compensation and establishes a framework for communication and expectation management between insurers and insured parties.