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.

Annie

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.

Nana

As long as it takes for the investigation

justagra

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.

Rada

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!

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