No more waiting endlessly for personal injury settlement money
By Strom & Associates, Ltd. posted in Personal Injury on Friday, January 31, 2014.of
At long last, an Illinois law has passed requiring an insurance company to issue payment of a personal injury settlement within 30 days of an executed release to a defendant.
When a personal injury case is finalized by way of a settlement, the injured party must execute a release of all claims. That signed release must then be turned over to the defendant or its insurance company. At times, the insurance company would delay the issuance of the check. Sometimes, it could take up to 2 months for the insurance company to issue the check. Unfortunately, there was no law that set a deadline when payment must be issued.
With this law in place, it will give the injured person some time frame on when they will receive their money for their damages from the injury.