What are the legal requirements for insurance contracts?

In New Hampshire, insurance contracts are governed by state law. All insurance contracts are subject to the provisions of the state’s insurance code, which includes the state’s Insurance Trade Practices Act. Insurance contracts must contain certain legal elements in order to be valid and enforceable in the state. First, the contract must be in writing and signed by the parties. Second, the contract must contain the name and address of both the policyholder and the insurance company. Third, the contract must clearly state the type of insurance coverage and the amount of the coverage. Fourth, the policy must disclose the amount of money the policyholder will be required to pay for the insurance coverage. Fifth, the policy must also disclose any limitations, exclusions or conditions that may affect the coverage. Finally, the insurance company must provide an approved copy of the policy to the policyholder, including a plain language explanation of the policy’s coverage and benefits. The policyholder must be given a reasonable amount of time to review the policy before signing it. If the policyholder does not sign the policy, the insurance company is not obligated to provide the coverage. Additionally, if the policyholder signs the policy without reading it and without understanding the coverage and benefits, the policy is still considered valid and enforceable in New Hampshire.

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