Top 10 Largest Cities
Did You Know?Wyoming State Facts
- Major rivers are; Bighorn River, Green River, Belle Fourche River, Powder River, North Platte River
- Cheyenne, WY is the largest city and the capital
Rick B. from Cheyenne, WY
April 8, 2011
Wyoming is a state situated in the Western regions of United States of America. The state is the 10th largest state in the country in terms of the land area. It is also one of the most least populated states. The state became a part of the union since July 10 1890.
Wyoming Life Insurance Specifics:
Like majority of states in the US, Wyoming insurance industry is also governed by the state code. he State Insurance Code of Wyoming regulates the life insurance. The basic aim of the code is to standardize the insurance policies offered by different insurance companies. The state uses the code to govern the death benefit claim procedure and protect the consumer rights of the Wyoming life insurance policy buyers.
The Wyoming Life insurance code makes it mandatory for all the life insurance companies in the state to provide a 30 days grace period to all policy holders for late payment of insurance premiums. Irrespective of the reason for the non payment of premium, you can be sure that in accordance with the state insurance code, you will have 30 days grace period before the insurance company cancels your policy due to non payment of premium.
Death Benefit amount:
As per the provisions of the State Insurance Code of Wyoming the beneficiary nominated by you to receive the death benefit amount is entitled to receive the payment as soon the claim is filed. The code requires the insurance company to process the payment within 30 days of the claim, if all the documentation is clear. The state code also requires the life insurance companies in the state to pay interest on the death benefits. The interest on the death benefit amount starts from the day as soon as the claim is filed. If the insurance company fails to pay the death benefit amount within 30 days, the interest rate will increase from the 31st day.
The State Insurance code for Wyoming also protects the interest of the Insurance companies from all policy holders who engage in fraudulent activities. The state code enables the insurance company to question any information provided by you in the life insurance application form for up to 2 years from the date of issuance of policy. If the company suspects any information as incorrect relating to your medical condition, job related activities or your tobacco habits; they have the right to terminate your policy immediately.