Alaska Life Insurance (AK)

Alaska Life Insurance Laws to Protect Customers (AK)

The state of Alaska has laws and regulations in place to help protect life insurance customers from getting into a bad financial situation. Some of these regulations include:

Alaska Life and Health Insurance Guarantee Association: Put into place in the unfortunate situation that your life insurance company were to go bankrupt. Insurance companies pay a fee to belong, and in turn, the Guaranty Association will pay up to $300,000 for a single death benefit, and up to $100,000 for a policy’s cash surrender. In order to qualify for this, you must be insured by an insurance company which is licensed in the state of Alaska, and your policy’s payments must be up to date.
Alaska Life Insurance laws guarantee a 30 day grace period for all payments made onto a life insurance policy. This protects you, the consumer, from having your insurance policy canceled for a month after your due date, as long as you make your payment.

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Alaska Life Insurance Regulations to Protect Insurers (AK)

For the insurer’s protection, an insurance company has the right to contest any statements made on an application for up to two years from the effective date of the policy. If any statements are found to be misleading or fraudulent, the insurer has the legal right to terminate the policy.

Additional Alaska Life Insurance Regulations (AK)

Another point applicable to Alaska Life Insurance law is that all claims must be filed with the Alaska Division of Insurance, as well as the insurance company.
Viatical settlements: This is an agreement between an insured individual and a third party. The third party is responsible for all premium payments, and in turn is the life insurance policy’s sole beneficiary. Viatical settlements are both legal and regulated in the state of Alaska.

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Last Updated: June 16, 2009