Insurance Payout Timeframe Rules

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Summary

Insurance companies in South Carolina typically have 30 days to pay death benefit claims after receiving proof of loss. Each beneficiarys claim is processed individually, rather than waiting for all claims to be submitted. Consult a local attorney for specific policy details.

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Is there a law or statute that mandates how quickly insurance must payout death benefits claims?
Hello ****, in South Carolina, insurance companies typically have 30 days to pay a claim after they have received proof of loss. However, this may vary based on the specifics of the policy and claim. If issues arise, consider consulting with a local attorney.
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Also, must all beneficiaries claims be filed before insurance companies are required to pay death benefits or are the beneficiary claims individualized?
Hello ****, in South Carolina, each beneficiary's claim is individualized. Insurance companies typically pay out the death benefit to each beneficiary as their claim is approved, rather than waiting for all beneficiaries to submit claims. However, specifics may vary based on the policy.
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