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Does an insurance company have a statute of limitation to when a claim can be settled?
Wiki User
∙ 9y ago
The answer is both yes and no.
The insurer must designate a claims adjuster and attempt to make you a good faith settlement offer within 60 to 90 days in most U.S. states after receiving notice of your loss. Check your local statutes for your state.
Having made a reasonable offer, or otherwise documenting its inability to do so if such is the case, the company has met it's legal obligation in that respect. There are times when some possible claimants can not be located or identified. It's up to the claimant to let his loss be known and to accept an offer or reject it for further consideration.
Rejection of the companies offer does not constitute a breach of law or faith on the part of the insurer.
Wiki User
∙ 9y ago
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