When must a claim on a life insurance policy be paid after proof of loss has been received by the insurer?

In South Carolina, once a claim for a life insurance policy is submitted along with the necessary proof of loss, the insurer is mandated to process and pay the claim within a specific timeframe. The law stipulates that claims must be settled within 30 days of the receipt of satisfactory proof of loss. This requirement is designed to ensure timely processing of claims and to provide financial relief to beneficiaries without unnecessary delays.

While immediate settlement would be ideal for beneficiaries, the law provides a practical timeframe of 30 days, allowing insurers adequate time to review the claim before making a payment. This balance aims to protect both the interests of the policyholders and the financial stability of insurance companies. Other options, such as 60 days, 90 days, or immediate payment, exceed the standard timeframe that is legally required for settling such claims in South Carolina.