Oklahoma Life Insurance (OK)
The state of Oklahoma has laws and regulations in place that help financially protect consumers and insurers.
Laws Protecting Oklahoma Consumers (OK)
The entire insurance industry in the state of Oklahoma is regulated under Title 36 of the Oklahoma Statutes. Both policy requirements and claims procedures are overseen at the state level for the protection of insurers and consumers alike.
The 31-day grace period for all late payments protects life insurance policyholders from their insurer terminating their policy for a payment under one month late. As long as the payment is received within this timeframe, life insurance coverage shall be uninterrupted.
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Life Insurance Regulations Protecting Oklahoma Insurers (OK)
In order to protect the life insurance companies in the state, Ohio insurers have two years from a life insurance policy’s effective date to find any fraudulent or misleading statements on wither the policy or application for coverage. Any such findings may be grounds for policy termination, with premium refunds at the discretion of the insurer. Any age misstatements will simply result in a recalculation of the policy’s death benefit to reflect the correct age.
Oklahoma life insurance companies are also allowed to follow their own claims procedures, which should be outlined in your policy’s text.
Additional Oklahoma Life Insurance Regulations (OK)
As long as your insurer is licensed in the state of Ohio, your policy will probably be backed by the Oklahoma Life & Health Insurance Guaranty Association in the event that your life insurance company was to become bankrupt.
Compensation limits set by the Guaranty Association are:
- $300,000 for a single lost death benefit.
- $100,000 for lost cash surrender.
In order to qualify for this coverage, be certain your insurer is licensed in Oregon and your account is 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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