Louisiana Overview

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April 8, 2011

Louisiana is a state situated in the southern region of Unite states of America. The state is surrounded by Texas on the west and in the east is bordered by Mississippi. The state was admitted into the American union on 30th April, 1812. For every 100,000 people in the state more than 900 people aged between 55 and 64 pass away each year. Looking at this alarming figures, if you are a Louisiana resident it is essential that you buy a life insurance policy to protect your family members. If you are looking for life insurance policy you must be aware of the rules and regulations of the state. This will help you get the best insurance policy.

Specifics of Louisiana Life Insurance:

The Louisiana State Insurance code regulates insurance industry and protects the people opting for different Louisiana life insurance policies. Life insurance is not as strictly governed as auto insurance, health insurance or other types of insurance. However, the state uses this code to regulate the death claim procedure and protects the rights of the Life insurance policy buyers in the state. The state code protects the following consumer rights:

• Payment of death benefit claim:

  The Louisiana state code of insurance requires all life insurance companies to make payments of death benefits claim as soon as the claim is made. The code requires the companies to pay death benefit amount to the beneficiary within 2 months if all the documents are clear.

• Life Insurance Grace Period:

  The state code requires all Louisiana life insurance companies to grant life insurance policy holder a grace period of 30 days for payment of monthly insurance premium in case of late payment of the premium amount. The code makes it mandatory for the insurance companies to grant the grace period before cancelling the insurance policy due to non payment of premiums.

  The State Insurance code of Louisiana also has provisions to protect the interests of life insurance companies as well. The code empowers the insurance companies to protect themselves from all fraudster who provide misinformation on the insurance application form and get undue benefits from the insurance company. The code classifies insurance fraud as a serious crime and allows the insurance company to terminate the insurance policy in case the company suspects any fraud. Only the incorrect information about the policy holders age is an exception, this will not result in termination of the policy, but the policy will be reviewed as per the accurate age.