I want to focus on the Insurance claim investigation, and how long it takes. How much do you understand the insurance claims process? It is important taking the time to understand the process as you embark on a mission to secure your future. Here are a few simple steps:
Step 1 – receive the claim, step
Step 2 – evaluate the claim, step
Step 3 – pay the claim, step
Step 4 – close the file an example
Let’s say you have an auto insurance policy with State Farm. first, they must receive your claim. they will send a letter to you telling you they have received your claim. next, they will evaluate your claim.
A close focus
Certainly, they will not pay your claim until they have evaluated it. What this means is they will send an adjuster to view the damages to your car. How long does an insurance company have to investigate a claim? The answer is “statute of limitations”. In most states, there is a limit on how long an insurance company can delay paying a claim. This is called a “statute of limitations”.
In truth, however, what an insurance company is doing when they put off paying a claim for any length of time is… they Are Establishing A “Deadline” For Themselves To Pay The Claim! and… they are setting that deadline far in the future. if you have health insurance, the deadline is usually within 30 days of receiving your medical bill. Understanding this point about Insurance claim investigation is important for all of us.
An insurance service provider works in a rather elaborate process. It sends out an adjuster out to inspect the damages to your car. In truth, however, what an insurance company is doing when they put off paying a claim for any length of time is they Are Establishing A “Deadline” For Themselves To Pay The Claim! And they are settingthat deadline far in the future.
Acting on the findings
However, they are encouraged to act promptly! the adjuster will make a written report of his findings and submit it to the insurance company’s claims department. now, the claims adjuster will be working for the insurance company. but, he will still be working for you! The evaluation of the claim is an important step in the grand scheme of things. Consider for example you have an auto insurance policy with State Farm. first, they must evaluate your claim. But how do they evaluate your claim? A proper evaluation happens to be one of the stages in Insurance claim investigation.
You may have to answer some questions
Naturally, they will ask you a bunch of questions and they will take your statement and they will record your answers on a form called a “claim information form”. this is a standard operating procedure of the insurance company. What happens next is the claims adjuster will submit his findings to the insurance company’s claims department. The next move for the claims adjuster follows, and that will be to wait for a decision to be made by the claims department. The claims department’s job will be to decide whether or not your claim will be paid.
What Happens If The Insurance Company Does Not Meet Their Deadline? Then, you can sue them! it is important to understand what an insurance company is trying to do here. What they are doing is trying to set a “tolerance level” for their operation. This means, if everything goes smoothly, they will pay your claim in full and promptly; but if not, it will be “no big deal”.
You need to be assertive
There are some important points in life where we need to be aggressive to get what we want. There are some people or businesses that won’t take you seriously unless you are assertive.
What you should do first is get legal help! Second, you should threaten to take your claim to court, and please do not do this over the phone or by letter. Actually, go out and see the adjuster personally and tell him very firmly you are going to sue if they do not pay your claim immediately. Exerting such a level of pressure on them is a good thing because it could get them listening to you after feeling the seriousness. Insurance claim investigations need to be done promptly, and it is a great idea to move with speed if the service provider doesn’t meet the deadline.
Compared to the alternative, this may sound like a silly idea; but, you should know many insurance companies simply will not respond to telephone threats of litigation. You should evaluate your claim. If it looks like it has any merit whatsoever, you should hire an attorney and evaluate your claim.
However, if you decide not to do any of these things, that is your choice. but, you should know you have made that choice based on the facts as I have just described them to you. How much will it cost? That is a good question. Let’s face it, if you are not willing to do any of the above, you are probably not going to get your money back. So, how much will it cost? well, that varies and depends on many factors.
And then, there Is The Small Matter Of Damages! Damages can be substantial. In fact, in some cases, they can be as much as 9 or 10 times the amount of the insurance policy! What About A “No-Fault” State Like Texas?
Texas is a “no-fault” state. This means if you are injured in an accident, you do not have to prove who was at fault to collect damages. This makes things very easy for you; but, it makes things very hard for the insurance company. How so? Simply this in a “no-fault” state like Texas, if an insurance company does not pay your claim within 30 days, they are committing a “tort” and they can be held liable in a civil lawsuit. What Can You Do? there is nothing you can do about a “no-fault” state like Texas. However, there are other “no-fault” states and there are other states which are not “no-fault”.
Insurance claim investigation shouldn’t take longer than is required, and it matters that you make your next move if matters don’t go your way.