Mississippi Life Insurance (MS)
To help financially protect both consumers and insurers, the state of Mississippi has several laws and regulations in place.
Mississippi Life Insurance Laws protecting consumers (MS)
Title 83 of the Mississippi Code is the insurance industry’s legal guidance in the state of Mississippi. These laws help to protect life insurance consumers within the state by outlining the policy requirements and claims procedures.
Claim procedures are regulated, but will vary from company to company within the state. Your individual life insurance policy should outline such procedures in a descriptive form prior to any claim being filed.
Request a life insurance quote! Life Insurance Laws and Regulations Protecting Mississippi Insurers (MS)
Laws are in place to protect insurance companies as well. Any fraudulent findings or misleading statements on an application for life insurance coverage or on a life insurance policy itself is grounds for policy termination by the insurer. The insurer has the right to investigate any claim filed within the first two years of the policy’s life. The refund of payments is the sole discretion of the life insurance company.
However, misstatements regarding age may not be cancelled. Instead, a recalculation of the death benefit is done to correspond to the proper age of the insured.
Additional Mississippi Life Insurance Regulations (MS)
Viatical Settlements (both legal and regulated in Mississippi) are arrangements made between an insured individual and a third party. The third party “buys” a life insurance policy on the insured, being completely responsible for making all premium payments. In turn, the third party becomes the sole beneficiary of the policy, collecting the benefit after the insured’s death.
If your Mississippi licensed life insurance company should fail, your policy will not be a total loss. All licensed insurers pay fees to the Mississippi Life & Health Insurance Guaranty Association, who, in turn, will help to compensate your life insurance policy, up to certain limits. $300,000 is the maximum amount of a death benefit, while cash surrender has a maximum of $100,000.
To be certain that your life insurance policy will be covered, make sure that your insurer is licensed in Mississippi, and that your policy premiums are current.
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.
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