How long do insurance companies have, by law, to close claims after they receive your claim documents?

How long do insurance companies have, by law, to close claims after they receive your claim documents?

I was recently told that insurance companies had only 2 weeks to close claims once they recieved your itemized claim papers. If it takes them over 2 weeks to close the claim they are supposed to notify you in writing that it is taking longer than expected. I was just wondering if this is true for all insurance companies, specific fields or at the companies liberty to say.


I have had claims in both NJ and NY one on a house fire another in an oil tank break, and in both cases it took three months. They were different companies. A life insurance company can take up to six months, from what I've heard. A health insurance claim can take years. The fastest is auto, I never had more than a two week wait, if that, before it was taken care of.If there is a law protecting consumers from insurance companies delaying tactics, I've never heard of it. The State Insurance Commission is supposed to prod them when it gets necessary, but that takes months and paperwork that must be done read carefully so you don't miss deadlines and provide all the information. Not always easy when your computer and your info has burned up.


As long as it takes for the investigation


Actually I think it depends on the company. When I got rear ended in a 3 car accident. I was told by my insurance company not to close it until atleast a year has passed to make sure there wasn't injury flare-ups. So that sounds wrong what you were told.


Unfortunately, Insurance Companies are very big players with very expensive lawyers and they can come up with "every" reason after legitimate reason to delay a process of a claim... if they so desire.....when dealing with a problem with insurance, your State Insurance Commissioner is your best option for interceding in your behalf...good luck!



Popular Q&A

Any ideas how to open a insurance agency in NC?
Depending on your state's specific requirements, you will probably at least need your P & C (property & casualty) license as an agent & a separate P & C license as a broker if you want to write excess or surplus markets (this license also usually requires a bond). Many states will also require...

How much do you pay for auto insurance?
Try to check this out. An auto insurance company, i heard to offer good coverage.Source(s):…

Can I move to nevada and keep California auto insurance for 6 months?
No.In Nevada, you are required to get a NV license within 30 days and register your vehicle within 60 days.Source(s):

I want to ship my car to Scottsdale Arizona from Bethesda Maryland?
You can either contact an auto transport company and have the car transported on a car carrier, or you can hire someone to drive it cross country. You would be looking at about $1250-$1750 for each trip on a car carrier.A couple of things you should know. The car transportation companies are...

Alberta auto insurance laws?
if there were2 cars on the policy you would be able to be rated as an occasional driver. Once there are three cars and three drivers everyone on the policy would be rated on a car, they can not guarentee that you will be in the car only some of the time. get a car with liablility only that...