Utah Life Insurance (UT)
To help financially protect both consumers and insurers, the state of Utah has several laws and regulations in place.
UTah Life Insurance Laws Protecting Consumers (UT)
Title 36 of the Utah Statutes is the regulating force behind the insurance industry in the state of Utah, outlining claims procedures and policy requirements for all insurance consumers residing in the state.
All Utah life insurance policies are required to contain a 30-day grace period for all late payments. This allows policyholders one month to catch up on premiums without worry of their policy being terminated. As long as the payment is made during this window, there shall be no lapse in coverage.
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UTah Life Insurance Regulations Protecting Insurers (UT)
Protections are also granted to life insurance companies in the state of Utah. Any fraudulent findings or misstatements found on a life insurance policy or application for coverage during the first two years of a policy’s life shall result in policy cancellation. No claims will be honored. Any errors regarding age can be found at any time during policy coverage and will simply cause the death benefit to be recalculated, reflecting the correct age of the insured.
Additional UTah Life Insurance Regulations (UT)
All licensed life insurance companies in the state of Utah pay annual fees to the Utah Life & Health Insurance Guaranty Association. This organization has been put in place to help you should your life insurance company become insolvent and be unable to pay. Restrictions have been put into place on compensation maximums:
- $300,000 lost death benefit per insured individual
- $100,000 lost cash surrender value, per insured individual.
Please note that these limits are per insured and will hold true no matter the number of life insurance policies held of the amount of coverage contained.
To qualify for the Guaranty Association benefits, your life insurance company must be licensed in Utah and your policy premiums need to be current.
Utah residents, request a life insurance quote today!
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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