Why do most insurance company,take long time to pay a claim after due process has been done and their findings

Question

and investigations completed?But when selling you their policy,they are very nice and tell you how they will always get your back iof something happens?

Answer 1

Let's see .... they have the money in the bank (or investments) earning interest.
Now you want them to take that and give it to you!
They are going to hold out as long as possible to earn that extra bit of interest.

Answer 2

Well, "long time" is in the eye of the beholder. They need "paperwork". That's usually police reports, fire marshall reports, hospital records - and THOSE three can take between two weeks and 3 months to mail out the reports.

Most of the time, when a claim takes longer than 30 days to have settled, it's because either the insured hasn't gotten all the paperwork in to the company (including the above reports, which they have little control over), there are ongoing medical issues that you have to wait to see how they resolve, or there's a strong suspicion of fraud.

Probably about 90% of the claims I've seen resolve in 30 days or less (not counting workers comp).

Answer 3

I don't understand your question. I have found, when you submit a claim with all necessary information, claims are processed very quickly.