What is a statute of repose?

A statute of repose is a law that places a limitation on how long an insurance claim can remain open. This could be a specified amount of time after an incident occurs, or after a certain event or action has taken place. In the state of Washington, this time period typically lasts for three years. This means that if the event or action took place three years ago, an insurance claimant is barred from filing a claim. Statutes of repose are usually used to protect insurance companies from having to pay out on claims that are too old. If a claim is too old, there may be little evidence to support it, or the claimant may have forgotten important details which could influence the payment of the claim. Furthermore, statutes of repose protect the insurance company from having to pay out on claims that were made after the statute of repose deadline had passed. In some cases, there are exceptions for cases in which the claimant was under a legal disability, or if there was fraud involved. It is important to note, however, that a statute of repose is not a statute of limitations, which puts a deadline on when an insurance claim can be filed. Therefore, a statute of repose is a law that places a limitation on how long an insurance claim can remain open in the state of Washington, typically three years. It is used to protect insurance companies and ensure that claims are filed in a timely manner.

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