Wyoming Life Insurance (WY)
Several insurance laws in Wyoming are in place to protect both insurers and insurance customers.
Wyoming Life Insurance Laws Protecting Consumers (wy)
Title 26 of the Wyoming Statutes is the governing force behind the Wyoming insurance industry. Here, both policy requirements and claims procedures are outlined for your protection.
A 30-day grace period for late life insurance payments is one such protection. Under Wyoming law, no insurer can cancel a policy if a premium payment is less than thirty days late. As long as the payment is received within this window, coverage shall continue with no interruption.
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Wyoming insurance laws also mandate that all life insurance claims be settled immediately upon receiving the proper proof of death. Interest shall accrue from the date of death through the final settlement.
Wyoming Life Insurance Regulations Protecting Insurers (WY)
The insurance laws also grant protection to the life insurance companies in Wyoming, as well. Any misleading statements or fraudulent findings on a policy or application for coverage within two years of the policy’s effective date can result in policy cancellation. No claims need to be honored by the insurer.
However, misstatements of age can be found at any time during the life of the policy and will result in a reduction of death benefits.
Suicide is considered exempt from Wyoming death benefits within the first two years of a policy’s life. Should a claim be files, policy premiums will be refunded.
Additional Life Insurance Regulations in Wyoming (wy)
All licensed life insurance companies in Wyoming pay fees to the Wyoming Life & Health Insurance Guaranty Association. If your insurance company were to become bankrupt, your policy will be backed by the Guaranty Association. Limitations are in place for compensation-
- $300,000 for a lost death benefit, per insured individual
- $100,000 for lost cash surrender, per insured individual
The limits are in place no matter the number of policies held by the insured, or their total combined value.
In order to fully qualify for these benefits, your insurer must be licensed in the state and your policy premiums need to be current.
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.
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