Final answer:
The submission of proof of loss for individual health insurance policies typically ranges from 30 to 90 days after the incident. Timely submission allows for efficient claims processing and adheres to the principles of insurance, balancing payments, claims, operational costs, and profitability.
Step-by-step explanation:
The timing for submitting proof of loss for individual health insurance policies can vary depending on the terms and conditions set forth by the insurance company. However, it is common practice to require the insured or claimant to submit proof of loss within a reasonable period, typically ranging from 30 to 90 days after the loss occurs. This prompt submission is crucial to ensure that claims are processed efficiently and the insured can receive their due benefits. Moreover, consistent with the fundamental law of insurance, timely claims processing allows insurance companies to manage coinsurance obligations, where the policyholder and insurer share the cost of the loss, and maintain the necessary balance between the average person's payments into the insurance pool and the outgoing claims costs and operational expenses, thereby preserving the insurer's profitability.