District of Columbia Life Insurance (DC)

The District of Columbia has life insurance laws and regulations in place to help financially protect both the consumer and insurer.

District of Columbia Life Insurance Laws Protecting Consumers (DC)

• Title 31 of the District of Columbia Code: In place to protect DC consumers. Both policy requirements and claims procedures are regulated under these laws.

• The 30-day Grace Period: Gives you thirty days from a payment due date to make your payment. Therefore, your life insurance policy may not be terminated until your payment is over a month late. If a claim is made during the thirty day grace period, the settlement must be for the full amount, minus the overdue premium.

• A “Free Look” Period of 10 Days: An insured individual may terminate their life or health insurance policy for any reason, and is entitled to a full refund of all premiums paid.

• The time frame for which a claim should be settled varies from company to company in the District of Columbia. The law mandates that all settlements be made in a timely manner.

District of Columbia residents, request a life insurance quote!

District of Columbia Laws and Regulations Protecting Insurers (DC)

The District of Columbia also has laws in place that protect insurers. Protection for insurance companies are covered under Title 31. Some of these laws include:

• Misrepresentation or Fraudulent Information: May result in policy termination, with or without a refund of premiums paid, subject to the terms and conditions of the policy. Any misstatements regarding age will result in the appropriate death benefit adjustment, reflecting the correct age if the insured individual.

• Suicide: Does not normally qualify for a death benefit within the first two years, but the beneficiary will receive a full refund of all premiums paid.

Additional District of Columbia Life Insurance regulations (DC)

• The District of Columbia Life & Health Insurance Guaranty Association: A state run organization to assist life insurance policyholders should their insurance company become insolvent.

• Reimbursement for Lost Coverages Under the Guaranty Association: A single death benefit may not exceed $300,000 and a $100,000 maximum is placed on net cash per person. Even if an individual has multiple policies valued at more than these limits, these restrictions are still in place.

• In order to utilize these protections, your premiums must be paid up to date and your insurance company must be licensed in DC.

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