South Carolina Statutes
§ 38-65-120 — Interest on payment; when required.
When a group life insurance policy provides for payment of its proceeds in a lump sum upon the death of an insured and the insurer fails to pay the proceeds within thirty days of submission of proof of death, the payment must include interest at the legal rate of interest from the date of death of that insured until the date the claim is paid.
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South Carolina § 38-65-120 (Interest on payment; when required.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1988 Act No. 482, SECTION 6.
Nearby Sections
15
§ 38-65-120
Interest on payment; when required.§ 38-65-130
Group life insurance.§ 38-65-210
Provisions required in all policies.§ 38-65-360
Promulgation of regulations.§ 38-65-40
Requirements of policies.