Common use of Time for Payment of Claims Clause in Contracts

Time for Payment of Claims. Benefits will be paid within 30 days after receipt of proof of loss. Should we determine that additional supporting documentation is required to establish responsibility of payment, we shall pay benefits within 30 days after receipt of proof of loss. If we do not pay within such period, we shall pay interest at the rate of nine percent per annum from the 30th day after receipt of such proof of loss to the date of late payment.