South Carolina § 38-63-80 Interest on lump sum payment of life insurance proceeds.

South Carolina Statutes

§ 38-63-80 — Interest on lump sum payment of life insurance proceeds.

South Carolina § 38-63-80

Title 38INSURANCE

Ch. 63INDIVIDUAL LIFE INSURANCE

This text of South Carolina § 38-63-80 (Interest on lump sum payment of life insurance proceeds.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 38-63-80 (2026).

Text

When an individual life insurance policy provides for payment of its proceeds in a lump sum upon the death of the insured and the insurer fails to pay the proceeds within thirty days of submission of proof of death and all necessary claim papers needed in order to pay the claim properly, the payment must include interest at the legal rate from the date of death of the insured until the date the claim is paid.

Free access — add to your briefcase to read the full text and ask questions with AI

When an individual life insurance policy provides for payment of its proceeds in a lump sum upon the death of the insured and the insurer fails to pay the proceeds within thirty days of submission of proof of death and all necessary claim papers needed in order to pay the claim properly, the payment must include interest at the legal rate from the date of death of the insured until the date the claim is paid.

Legislative History

HISTORY: Former 1976 Code SECTION 38-63-80 [1985 Act No. 189, SECTION 1] recodified as SECTION 38-53-80 by 1987 Act No. 155, SECTION 1; New SECTION 38-63-80 enacted by 1988 Act No. 416.