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

• Ohio life insurance rights and regulations

The life insurance industry in the Ohio is regulated under Title 39 of the Ohio Revised Code. These codes outline claims procedures and policy requirements for the benefit of consumers and insurers alike. One consumer protection is the Ohio law obligating life insurance companies to settle claims in a timely manner. Insurers have two months from the date they receive proof of death to settle claim. After this, the benefits begin accruing interest. And while Ohio life insurance laws,  does not specifically require a "free look" provision on its life insurance policies, most companies do include this consumer protection. Depending on the company and the policy, this provision grants policyholders a period of 10, 20, or 30 days to change their mind and decline the coverage for a full premium refund. However, Ohio life insurance laws, does extend some protection to insurers, too. If, during the first two years of a policy, an Ohio insurance company determines that an applicant has misrepresented herself on a life insurance policy or application, the policy may be cancelled. Fraud on the part of a policyholder can result in cancellation at any time during the life of the policy.
During these first two years, Ohio life insurance companies are also exempt from honoring claims where suicide is the cause of death. Finally, insurers in Ohio are allowed full control over policyholder information. This means that insurers are not required to disclose information to policyholders upon request, nor are they forbidden to share information with other insurance companies.

• The Ohio Life Insurance Guaranty

If your life insurance company is licensed in Ohio, your policy is backed by the Ohio Life and Health Insurance Guaranty Association. This organization helps protect you, the insured, should your life insurer go bankrupt. However, there are restrictions on this protection. In Ohio, compensation for lost death benefits is limited to $300,000, and compensation for lost cash surrender is limited to $100,000. And your life insurer must be licensed in Ohio to qualify for the guaranty's backing. To check the status of an insurer, you can call the Department of Insurance, Office of Consumer Services at 1-800-686-1526.

• Other notes on Ohio life insurance

Insurance illustrations, which are finacial projections made by an insurer, are regulated by the state of Ohio. Viatical settlements, which are policy purchasing agreements, are also regulated by the state. These arrangements involve the third party purchase of a life insurance policy from the insured. Recent legislation requires licensing of viatical brokers and dealers, so be sure to seek help before arranging a viatical settlement.