Do insurance companies usually issue check within thirty days after releases signed/settlement reached for personal injury case.

Asked about 1 year ago - New York, NY

Does the insurance company have an incentive to pay the injured party within thirty days?

Attorney answers (5)

  1. Eric Edward Rothstein

    Contributor Level 20

    4

    Lawyers agree

    Best Answer
    chosen by asker

    Answered . They have to issue the check within 21 days of your lawyer tendering the closing papers. "Tendering" has a legal meaning.... personal delivery or certified or registered mail, return receipt requested.

    I am a former federal and State prosecutor and have been doing criminal defense work for over 16 years. I was... more
  2. George Ellis Corson IV

    Pro

    Contributor Level 20

    4

    Lawyers agree

    Answered . The opposite of incentive is disincentive (penalty). Most states impose a financial penalty for dragging out payment past the 25-30 day legal interval. Insurance Companies typically pay within the allowed period because they do not want to incur penalties.

    We offer general concepts, but you should give ALL your facts to a licensed Attorney in your state before you RELY... more
  3. John M Connell

    Pro

    Contributor Level 18

    4

    Lawyers agree

    Answered . There are a few times in the lat 500 settlements that it has taken more than 30 days. Usually 7-15 is what I see. and I agree that there are some penalties that might apply so they do not have an incentive to be late.

  4. Scott Douglas Camassar

    Contributor Level 16

    3

    Lawyers agree

    Answered . Typically they are required to pay within 30 days, or 21 days here, as counsel notes.

  5. Christian K. Lassen II

    Pro

    Contributor Level 20

    3

    Lawyers agree

    Answered . Your lawyer should be able to expedite the check by hounding them.

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