Term Life Insurance

Thursday, December 08, 2016
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Life insurance is regulated at the state level. Each state has a Department of Insurance that usually has an elected official that regulates insurance companies, insurance agents and provides assistance to the public. What happens if an insurance company becomes insolvent? Every state has a life insurance guaranty fund. The state will, in effect, take over the company and assume responsibility for liabilities, usually up to $300,000 of death benefit, depending on the state. Policyholders are first in line for any assets the insurance company owns. An effort is made to have the book of policies absorbed by one or a group of insurance companies.

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