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Most policies do not provide a strict deadline or window of time (30 days, 60 days, etc.). Instead, you are usually required to make your claim "promptly" or "within a reasonable time." Some states (especially those that follow a no-fault car insurance system) have passed laws that specifically address this issue.
Insurance companies in Tennessee have 120 days to settle a claim after it is filed. Tennessee insurance companies also have specific time frames in which they must acknowledge the claim and then decide whether to accept it, before paying out the final settlement.
In Tennessee, an insurance company may be held liable for no more than twenty-five percent (25%) of the amount of the claim (which it refused to pay) including any interest due on the claim. The policyholder has the burden of proving that the insurance company did not act in good faith (that it acted in bad faith).
Rules vary by state but in some states, insurance companies have between 15 and 40 days to decide whether to accept or deny a claim, and then between 5 and 30 days to pay out a claim after a decision. But states also give providers a few weeks of leeway in case they need more time on a claim.
Consumers who believe they have been wrongfully denied a claim by their insurance company or have another issue with an insurance agent or company can file a complaint by completing the online complaint form, or by printing out the form and mailing or faxing it to Consumer Insurance Services.
Car insurance laws in Tennessee Tennessee drivers must carry at least a liability insurance policy, which includes bodily injury and property damage coverage. The TN car insurance requirements are as follows: $25,000 bodily injury liability per person. $50,000 bodily injury liability per accident.
Attempting to settle or settling claims on the basis of an application that was materially altered without notice to, or knowledge or consent of, the insured; Making claims payments to an insured or beneficiary without indicating the coverage under which each payment is being made.