Ohio Life Insurance (OH)
There are laws and regulations in place in the state of Ohio that help protect both consumers and insurers financially.
Ohio Life Insurance Laws Protecting Consumers (OH)
Life insurance laws in the state of Ohio are regulated under Title 39 of the Ohio Revised Code. Policy requirements and claims procedures are overseen to protect both the insurance companies and consumers of the state.
One protection is related to the timeframe in which an insurer processes a life insurance claim. The insurance company is to settle a claim within two months of receiving the proper proof of death. Benefits will begin to accrue after this period has ended.
Life Insurance Regulations Protecting Ohio Insurers (OH)
One protection for life insurance companies in Ohio is regarding misstatements and fraudulent findings on an application for coverage or policy itself. If such a statement is found, the insurer has the right to terminate coverage at any time during the life span of the policy.
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Suicide is not a coverable cause of death within the first two years of a life insurance policy’s life and is not cause for settlement.
Ohio insurers are granted full control of policyholder information. Insurers are not legally obliged to furnish requested information by the insured. They may also share information with anyone they choose, including other insurance companies. Be sure to read your policy text for information regarding your specific insurer.
Another note worth a mention is insurance illustrations. They are financial projections made by an insurance company and are regulated in Ohio.
Additional Ohio Life Insurance Regulations (OH)
Viatical settlements are arrangements made between a third party and an insured individual. The third party “purchases” a life insurance policy from the insured and is responsible for all premiums. In return, the third party is the sole beneficiary of this particular life insurance company. These arrangements are also legal and regulated by the state of Ohio.
If your life insurance policy has been purchased from a licensed insurer, your policy will most likely be backed by the Ohio Life & Health Insurance Guaranty Association. This organization will help to compensate you in the event that your insurer becomes insolvent and unable to pay. Maximum compensation limits have been set at:
- $300,000 for lost death benefits
- $100,000 lost cash value
In order to qualify for these protections, be sure your life insurance company is licensed in Ohio and your policy premiums are up 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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