Okay, Here's my timeline with squaretrade claim:
Friday (13th) afternoon called squaretrade about my Iphone. Opened a claim and opted to take it to the apple store. Cost: $50 for deductible.
Saturday (14th) in the afternoon went to the apple store got the phone fixed. Battery replacement. Cost 79 + tax
Saturday (14th) night emailed squaretrade the receipt of the battery replacement.
Sunday (15th) night got a reply e-mail stating they got the receipt. Ten minutes later the cost of the repair was sent to me via paypal.
I'm a happy camper.