Statute of limitations

{
  "id": "MLC-T-INS-003179",
  "term": "Statute of limitations",
  "field": "Insurance and risk management",
  "definition": "A law that sets the maximum time period within which legal proceedings, such as filing a lawsuit or making an insurance claim, must be initiated after an event occurs. If a claim or suit is not brought within this period, it is legally barred. These statutes vary by jurisdiction and the type of claim, often ranging from one to ten years.",
  "url": "https://mlchart.com/terminology/insurance/statute-of-limitations/"
}