New Hampshire Life Insurance (NH)

To help to protect both consumers and insurers, the stage of New Hampshire has a few laws and regulations in effect.

New Hampshire Insurance Laws Protecting Consumers (NH)

New Hampshire’s insurance industry is regulated by Title 37 of the New Hampshire Revised Statutes. Claims procedures and policy requirements are overseen at the state level to protect you, the life insurance consumer. Some of the regulations in place include:

30-Day Grace Period: Allows policyholders one month past a premium’s due date to make the required payment without worry of the insurance company terminating the policy.
Life insurance companies are required, by law, to settle a claim within 30 days of receiving proof of death. If the insurer fails to oblige with this law, the benefit shall begin to accrue interest, all payable in the final settlement.

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Life Insurance Regulations Protecting New Hampshire Insurers (NH)

New Hampshire also has laws in place to help protect consumers. Some of these regulations include:

Any claim filed on a life insurance policy in New Hampshire within the first two years of the policy’s life can be subject to investigation.
Any fraudulent statements found on the policy or application for coverage may result in a denial of the claim. Any age error may be corrected at any time during the policy’s term, resulting in a recalculation of death benefits, adjusting to the actual age of the insured.

Additional New Hampshire Life Insurance Regulations (NH)

If your life insurance company is licensed in the state of New Hampshire, you are most likely eligible to receive benefit protection from the New Hampshire Life & Health Insurance Guaranty Association. The Guaranty Association will help to compensate your policy should your life insurance company become insolvent and unable to pay.

There are, however, restrictions on the protection, with a single death benefit not to exceed $300,000 and cash surrender limited to $100,000.

In order to qualify for the Guaranty Association’s benefits, your insurer must be licensed in the state of New Hampshire and your policy premiums must be current.

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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