West Virginia Life Insurance (WV)
To help financially protect both consumers and insurers, the state of West Virginia has several laws and regulations in place.
West Virginia Life Insurance Laws Protecting Consumers (wv)
West Virginia ’s insurance industry is regulated by Title 39 of the West Virginia Revised Code. This is where the insurance policy requirements and claims procedures are overseen to protect you, the insurance consumer of the state.
All life insurance companies are obligated to allow policyholders a 4-week grace period for all late payments. During this time, an insurer cannot cancel coverage for non-payment. As long as the correct payment is received by the final day, coverage must continue uninterrupted.
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Life insurance claims not settled in a timely manner will begin to accrue interest. Although there is no set timeframe with state laws, each insurer must have this information in the text portion of your policy.
West Virginia Life Insurance Regulations Protecting Insurers (WV)
Protections are also put into place for the benefit of life insurance companies. Any misleading or fraudulent findings on a life insurance policy or application for coverage within the first two years of a policy’s life may result in coverage termination. The insurer is not obligated to settle any claims.
Any misstatements regarding age will result in a recalculation of death benefits which reflect the actual age of the insured
Additional West Virginia Life Insurance Regulations (WV)
All licensed life insurance companies in West Virginia are required to pay fees to the West Virginia Life & Health Insurance Guaranty Association. In return, the Guaranty Association will help to compensate you policy in the unfortunate event that your insurer becomes bankrupt and is unable to fund your policy.
Restrictions are in place for maximum compensation at $300,000 lost death benefit per insured individual and $100,000 for lost cash surrender per insured individual. Please note that these limits are per person and hold true no matter the number of policies held or total value.
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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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