Rhode Island Life Insurance (RI)
Laws and regulations are in place in the state of Rhode Island to help to protect both consumers and insurers.
Life Insurance Laws Protecting Consumers in Rhode Island (RI)
In the state of Rhode Island, the insurance industry is regulated under Chapter 27 of the Rhode Island Insurance Code. This is where the state oversees the policy requirements and claims procedures in order to protect you, the life insurance consumers of the state.
One such protection is the minimum10-day “free Look” period. During this period of time, a new life insurance policyholder may review their policy, decline the coverage and be entitled to a full refund of all premiums paid.
Rhode Island residents, request a life insurance quote!
All life insurance claims are legally obligated to be settled in a timely manner. Since there is no regulated period of time, interest will begin to accrue on a policy’s proceeds beginning with the date of death. The final settlement must include all accrued interest.
Rhode Island Life Insurance Regulations Protecting Insurers (RI)
Protections are also in place for life insurance companies. Any misstatements found on an application for coverage or on a policy itself can result in policy termination. No claims will be honored by the insurer. All premiums paid will be refunded.
Additional Life Insurance Regulations in Rhode Island (RI)
As long as your life insurance company is licensed in the state of Rhode Island, your policy will be backed by the Rhode Island Life & Health Insurance Guaranty Association. In the unfortunate event that your insurance company becomes insolvent, the Guaranty Association will help to compensate your lost policy. Restrictions are in place for the maximum levels of compensation:
- $300,000 per lost death benefit.
- $100,000 per lost cash surrender.
In order to qualify for these benefits, not only must your life insurance company be licensed in the state, but your policy premiums must be up to date.
Request a free no obligation Rhode Island life insurance quote!
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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