What is the timeframe for submitting Proof of Loss after a claim occurs?

The correct response highlights that the timeframe for submitting Proof of Loss after a claim occurs is generally set within 90 days of the loss, while allowing for a maximum extension of one year under certain circumstances. This standard timeframe is intended to ensure that claims are processed in a timely manner, which is conducive to both the insurer's operations and the claimant's needs.

Insurance policies often stipulate a specific period in which proof must be submitted to maintain effective communication and action regarding claims. The 90-day window represents a reasonable expectation for policyholders to gather the necessary documentation and submit it, while the allowance for up to one year recognizes that in some cases, extenuating circumstances may delay the submission.

Through setting these requirements, the insurance industry aims to balance the need for expediency in processing claims with the understanding that claimants may face various challenges that could impact their ability to submit documents promptly.