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Sunday, August 01, 2010
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States -
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Call us at (800) 940-3002
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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.
View other states:
Alabama, Arizona, Alaska, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Mexico, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, and Wisconsin
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