Top 10 Largest Cities
Did You Know?Vermont State Facts
- Chester Alan Arthur was born in Fairfield on October 5, 1830 (he was the 21th US President, serving from 1881 to 1885).
- Burlington is the largest city in Vermont
Michael M. from Burlington, VT
April 11, 2011
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The Vermont state is located on the northeastern United States of America in the New England region. It was the 14th State to enter the union. Vermont is the second least populated state in the union and the only state in the New England region that doest not have a coastline with Atlantic Ocean. With 77.9 percent life expectancy, Vermont is ranked at number 13 in the list of life expectancy. Residents of the Vermont State identify the importance of life insurance and also acknowledge the benefits provided by it.
The state government has clearly defined a set of rules that govern the insurance industry in the State. The Vermont life insurance laws are specifically designed to protect insurance customers as well as insurers. And the policy requirements and claims procedure are conducted under the eye of the State government. The State government has permitted many relaxations that benefit the Vermont life insurance customers. Lets take a look at different provisions that you will not generally find in other States other than Vermont.
1.All Vermont life insurance policy holders have a 10 day period to analyze their decision. This 10 day period is called the free look period and it allows the policy holders to decline the coverage. The insurance policy is not effective for this period and if the customer changes his/her mind, the insurer has to refund all the premiums paid by the customer.
2.If you are resident of state Vermont, you can enjoy a 30 day grace period for all your insurance payments. The Vermont life insurance law states that insures cannot cancel the policy immediately if it does not receive payment on the last date according to the policy. The insurer has to wait for a period of 30 days before he can cancel the policy for non payments.
3.It is mandatory for al insurance companies to settle the claims within 30 days after receiving the proof of death. The insurer has to pay interest on the final settlement amount to the beneficiary of the policy holder if the one month is exceeded for settling the claim.
There are two different choices in Vermont life insurance available for customers; whole life policy and term policy. Both policies are available for lifetime. The primary difference between these two types of policies is whole time policy is available until your death while the term policy is only available for the term specified by you which can be anything in between 1-30 years. The term is generally specified when you sign up for the coverage.