What is the maximum time limit for payment on an agreed settlement claim in West Virginia?

In West Virginia, the maximum time limit for payment on an agreed settlement claim is established by law. The correct answer reflects that insurance companies are required to make payment within 15 working days after an agreement is reached regarding a claim. This requirement is designed to ensure timely compensation for policyholders, which is an important aspect of maintaining trust and a functional relationship between insurers and their customers. Timely payment is also essential for the insured to manage any financial impacts resulting from a loss.

The law emphasizes the importance of swift actions by insurers once a settlement is agreed upon, as delayed payments can lead to increased frustration for claimants and potentially financially harmful situations. Understanding this timeline is crucial for those in the property and casualty insurance sector, as it affects both operational practices and regulatory compliance.