After determining that the loss is covered, how many days does an insurer have to pay a claim?

In Illinois, once an insurer determines that a claim is covered under the policy, the law requires them to pay the claim within 30 days. This timeframe helps ensure that policyholders receive prompt payment for their losses, adhering to the principle of providing timely support to those who have suffered a loss. It is important for insurers to comply with this standard, as it assists in maintaining trust and reliability in the insurance process. Failure to meet this deadline could expose the insurer to potential penalties or further legal actions from the insured, demonstrating the significance of timely claims processing in the insurance industry.