Arkansas Overview
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Arkansas State Facts- Arkansas was the 25th state in the USA; it became a state on June 15, 1836
- Little Rock, is the capital of Arkansas
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Sally F. from Little Rock, Arkansas
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April 8, 2011
Arkansas is a southern US state and shares its borders with as many as 6 states. Little Rock is the capital as well as the largest city of the state. It is believed that the Spanish explorer Hernando de Soto was the first European to reach Arkansas.
With a life expectancy of 75.2 years, Arkansas ranks 43rd among the 50 US states in terms of Life expectancy. Of late, increasing number of Arkansas residents have started purchasing a life insurance policy. If you too wish to do the same, following information will surely help you:
Arkansas life insurance industry is regulated as per Title 23 of the state’s code. In this, the policy requirements and claims procedures pertaining life insurance policy are outlined. Arkansas life insurance law makes it mandatory for the insurance providers to provide a grace period of 30 days to the policy holders. Viatical Settlement in Arkansas:
It is an agreement between a policy holder and a third party. In such a settlement, it is the responsibility of the third party to make the premium payments. Later, it becomes the beneficiary of the policy holder. Such a settlement is both regulated as well as legal in Arkansas. The Arkansas Life Insurance Guaranty:.
If the financial condition of your Arkansas life insurance provider is in doldrums and you are worried about receiving the policy benefits, the Arkansas Life and Disability Insurance Guaranty Association will prove to be the best help. This association protects the policy holders in the event their insurance provider becomes insolvent.
Insurance providers in Arkansas pay a certain amount of fees to this organization. In turn, the organization agrees to pay a certain amount as compensation for a cash surrender or death benefit, in case the insurance provider declares bankruptcy. Also, you need to remember that in Arkansas, cash surrender coverage is limited to $100,000 whereas death benefit protection does not exceed $300,000.
To be eligible for the service of this organization, it’s essential that your insurance company is licensed. If you wish to find out whether your insurance provider is licensed, you can contact the Department of Insurance by calling at (501) 371-2640.
Before purchasing an Arkansas life insurance policy, it’s very important for you to compare the insurance quotes of different insurance providers in the state. Remember, premium rates can vary by as much as 50%. Thus, by going contacting maximum number of insurance providers, you can obtain cheap insurance quote.