Hawaii Life Insurance (HI)
The state of Hawaii has instigated laws regarding life insurance in order to financially protect both consumers and insurers.
HawaiI Life Insurance Laws Protecing Consumers (HI)
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Title 24 of the Hawaiian State Code: Regulates the life insurance industry for the state. Under these laws, claims procedures and policy requirements are overseen by the state for your protection.
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“Free Look” Provision: Allowes any new life insurance policyholder a minimum of 10 days to review their policy and cancel it for any reason. A full refund of all premiums paid is also required.
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Although there is no law regarding a specific timeframe for claims to be settled, insurance companies are required to have a reasonable standard for promptly investigating claims. After proof of death and copy of the policy are received by the insurer, coverage should be decided upon and payment offered within thirty days of the settlement date.
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Interest Accrued on Death Benefits: Beginning with the date of death and ending with the settlement. All interest must be within the final payment.
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Life Insurance Regulations Protecting HawaiI Insurers (HI)
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Hawaii law also entitles policyholders the release of medical information obtained upon request within 30 days.
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Life insurance companies are also protected. Coverage may be denied to anyone who misleads or places fraudulent information on an application for coverage or policy. If this is the case, the insurer is not legally required to refund any premiums paid.
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Insurance companies usually have up to two years to contest any information on an application or policy, but there is no law mandating such a time frame.
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Financial projections (Insurance Illustrations) are also legal and governed in the state of Hawaii.
Additional Life Insurance Regulations in HawaiI (HI)
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Viatical Settlements: Insurance policies that have an agreement with a third party. The third party pays the premiums on the policy, and in turn becomes the policy’s beneficiary. Viatical Settlements are subject to the Securities Enforcement Branch of DCCA jurisdiction.
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All licensed life insurance companies in Hawaii pay fees to belong to the Hawaii Life & Disability Insurance Guaranty Association. The Guaranty Association offers protection to you, the life insurance consumer, should your insurance company go bankrupt. Maximum benefits are in place, limited to $300,000 for a single death benefit and a cash surrender limit of $100,000. To fall under this protection, your insurer must be licensed in the state of Hawaii and your premiums must be paid to date.
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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
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