North Dakota Life Insurance

North Dakota life insurance laws deal primarily with claims issues. However, familiarizing yourself with some basic regulations is still key to making wise coverage decisions.

This page:

  • Briefly describes North Dakota life insurance regulations.

  • Explains the North Dakota Guaranty Association's protection.

  • Links to more information on life insurance in North Dakota

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North Dakota life insurance rights and regulations

The insurance industry in the State of North Dakota is regulated under Title 39 of the North Dakota Revised Code. These codes outline claims procedures and policy requirements for the benefit and protection of you, the consumer.

One such consumer protection is the 20-day "free look" period required on all North Dakota life insurance policies. During this window, a new policyholder can decide to decline the coverage and still recieve a full refund of premiums.

North Dakota insurance companies are also obligated to settle claims within two months of recieving pfoof of death. Benefits not paid by this time will begin accruing interest.

And North Dakota law protects the privacy of life insurance policyholders by prohibiting their insurers from disclosing any nonpublic personal information without authorization. Policyholder requests for the release of medical information should be honored as well.

However, North Dakota law extends some protection to insurers as well. For the first year of a policy, insurance companies are not obligated to honor claims where suicide is the cause of death.

Neither are they obligated to honor any claim during the first two policy years if the insured can be shown to have misrepresented herself on the policy or its application.

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If you are ready to apply for a North Dakota term life insurance policy, or if you just want a quick online quote, visit Netquote now.
If you are not sure about what type of life coverage you want, you can also try Insurecom. They will put you in touch with agents who can answer any questions that you might have.

The North Dakota Life Insurance Guaranty

Most North Dakota life insurance policys are backed by the North Dakota Life and Health Insurance Guaranty Association. This fund is set up to help protect the consumer in cases of insurance company insolvency.

However, there are some restrictions on this protection. Compensation for lost death benefits in North Dakota cannot exceed $300,000 per insured individual, and compensation for net cash values can't exceed $100,000. These limits apply even to policyholders who have multiple policies with a higher total amount of coverage.

And your insurance company must be licensed in North Dakota to qualify for the guaranty's backing. You can check an insurance company's status by calling the North Dakota Department of Insurance at (701) 328-2440 for this information.

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Apply for a quote with confidence at Netquote
(for North Dakota term life insurance), or Insurecom.
Your insurer will be licensed in North Dakota.

Other notes on North Dakota life insurance

In North Dakota, insurance illustrations, which are financial projections made by an insurer, are required and regulated. The governing regulation are described in detail in Chapter 45 of the North Dakota Administrative Code.

Viatical settlements are also permitted in North Dakota. These arrangements allow a third party to purchase a life insurance policy from the insured, pay its premiums, and become its beneficiary. It's always wise to seek the aid of a licensed agent when arranging a viatical settlement.

More ND life insurance help

If you want more help getting the best value on your ND life insurance policy, start with our guide to term life insurance or sign-up for our free life insurance course (see below).

To find out more about ND life insurance laws and regulations, visit the state's official website of the North Dakota Department of Insurance.

For more help . . .

Getting the lowest possible premium on your life insurance is almost like an art form. There are many variables to consider, and to get the right balance of term length, benefit amounts, and policy riders and illustrations, you need to take a careful step-by-step approach to the buying process.

Our free life insurance course is designed to help you do just that.

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