Arkansas Life Insurance (AR)

Arkansas Life Insurance LAWS (AR)

The state of Arkansas has many laws and regulations in place to protect both insurers and life insurance customers.

Title 23 of the State Code of Arkansas regulates the entire insurance industry within the state, including, but not limited to, the claims and procedures of life insurance. Some of the important regulations include:

30-day Grace Period Provision: Allows policyholders a minimum of 30 days to be late on a payment without the worry of their policy being terminated.
Settling a Claim: The insurance company must settle a claim within two months of receiving proof of death. If the settlement is not provided within this time frame, the claim will be considered overdue.

Request an Arkansas life insurance quote and compare your options today!

Life Insurance Regulations to Protect ArkanSas Insurance Companies (AR)

Regulations are also in force to protect the insurance companies. The following regulations help to protect insurance companies:

Any misleading or fraudulent information found on an application for life insurance is subject to investigation within the two years after the policy has taken effect. Results of such misinformation may be prosecuted accordingly, including policy cancellation by the insurer. However, any falsification regarding age will result in a policy adjustment and death benefit reflecting the correct age.

Additional Life Insurance Regulations in Arkansas (AR)

Viatical Settlement: An agreement between an insured individual and a third party. The third party is responsible for all premium payments, and is then the life insurance policy’s beneficiary. Viatical settlements are both legal and regulated in the state of Arkansas.
Arkansas Life and Disability Insurance Guaranty Association: An organization put in place to help consumers in the event that their life insurance company was to fail financially.

Life insurance companies pay fees to belong to this organization, so be sure that your insurance provider is licensed in the state of Arkansas and a member of ARLIFEGA in order to utilize the protection offered, as well as making sure that your policy premiums are paid up to date. Death benefit protection under the Arkansas Life and Disability Insurance Guaranty Association is limited to $300,000 per death benefit and $100,000 in cash surrender coverage.

Request a free life insurance quote in Arkansas today!

Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.

Last Updated: June 16, 2009