They refund you the remainder of the premium not used for the year.
The insurance company did not let you get a policy without collision. You chose the coverages of your policy and paid a premium for that coverage. As you had no collision coverage on your policy, you paid a lower premium for the coverage you chose. There is no way that the company will pay for damages done in a collision when you chose to not have collision coverage. An insurance policy is a legal binding contract between you and the insurance company. End of story. Your fault. Take responsibility for your actions.
Trip cancellation insurance is well worth the investment in my opinion. You never know when something unexpected will happen, and you want to be sure not to loose the money you have invested in your trip. A great example is all the trips that were cancelled in Europe due to volcanic ash. Those without this insurance were out of luck if they did not have cancellation insurance.
Whole life insurance delivers coverage for the lifetime of the policy holder. It guarantees a fixed premium which can build cash value (which usually cannot be withdrawn without cashing the policy out). Term life insurance guarantees a fixed premium for a shorter period of time, and builds a better and more usuable cash value than whole life. At the end of the term policy the holder must either sign up for another term or forfeit coverage.
Most insurance policies, including health policies, provide for a stated due-date for the payment of premium each month. They usually also provide for a grace period (such as 10 days) after the stated due date within which the company will accept the premium without penalty. The policy may be subject to cancellation if the correct premium is not received by the end of the grace period.
Yes they can. If the lien holder had to advance the premium to pay for the insurance, the amount is added to your finance note with the interest. Force Placed Insurance is coverage obtained by the lien holder to cover their interest in the financed property when the buyer fails to meet the required coverage conditions of the finance note. No coverage is provided to the buyer at all, only the lien holder. Basically if the finance company has obtained force placed insurance coverage then the buyer is already in default on the terms of the finance contract. The cost of the coverage is added to your bill or finance note without benefit of coverage to the buyer.
Generally, yes. It is not uncommon for an insurance company to change the terms and conditions of the policies that it issues. For the most part, coverage and rate changes have to be approved by the state insurance regulatory authority. This is because the regulator wants to be sure that the coverage provided is commensurate in the protection that the policy provides to the premium that is charged. Any changes in coverage normally occur at the time of renewal of the policy. You are certainly free to reject the proposed chages by seeking coverage with another insurer.
You are asking if you can reinstate you auto insurance if it cancelled for non-payment. Often times you can. It is up to the policies of the individual insurance carrier that you are dealing with and the state laws as well. In Georgia, insurance companies must mail you a 10 day notice of cancellation if you did not pay on the due date. After this cancellation date on the notice you have no coverage. Often times the insurance company will reinstate without a lapse if you come in within a few days and sign a "Statement of No-Loss" which states that you have not had an accident or loss since the date of cancellation. Different companies have their own policy on how many days that they will still reinstate. One factor to watch is that on the renewal date of the policy you do not get this 10 day notice, the day after renewal your coverage ceases. Sometimes they will still allow you to renew but they don't have to.
Not necessarily. In most cases you have to be notified in writing as to when and why you're being cancelled. Most causes of cancellation are from non-payment of premiums, and somewhere in the bill it states "policy can be cancelled if premium if not paid by due date". Otherwise, most insurance companies are required by law to notify you.
There are a couple of reasons for this. One, insurance companies look at maintaining auto insurance without a lapse as being "financially responsible." If a vehicle is titled to your name then you must carry the minimum liability coverage your state calls for at the least. Claims statistics show a higher rate of claims filed for people with gaps in coverage and/or a bad credit rating...hence credit now being a part of insurance premium scoring. In addition to this studies show those that maintain their insurance policies are more likely to pay their bills then those that go long periods of time without coverage. To sum it up it comes down to years of statistics and claims studies. A person that has kept up their coverage for years without a lapse will get a better rate then someone that keeps a policy for a couple of months, lets it terminate, then gets another one. However, if you went without insurance due to their not being a need for coverage (did not own a vehicle or have one titled in your name) then this is different. When you go to buy a policy or get a quote let the agent know you did not have coverage because of those reasons...this is called a "no need" in insurance slang. While you will not get the best rate because you will not get the continuous insurance coverage discount you will not be surcharged like you would had you not had insurance but needed it. Basically, you just do not get the discount.
While the use of the term "childish" is inappropriate, what you do have to be concerned with is that since the time of issue of your present policy, you have aged. You do not state the duration of the present term policy (such as annual, 5-year level premium, etc.). If you are in good health (defined as meeting or exceeding the underwriting guidelines of major, reputable issuers of term life insurance), and can afford the resulting premium, it may behoove you to look into 15 or 20 year level term coverage. If you qualify, can afford the premium and have a need for life insurance for that duration (for example, if you are raising a young family). That sort of coverage will give you predictability of premium expense over an extended period. Remember, though, that no cash value accumulates, so that if you miss a premium, the insurance will expire within 30 days, you will lose premiums paid to date and will be without coverage.
You may be able to qualify for up to $250,000 or more of term life insurance online without having to take a physical exam. Some insurers offer you instant issue life insurance with no physical. You answer a few health questions and they decide within minutes, based on your answers, whether you qualify for the life insurance coverage. You may be able to apply for the policy online, pay your first month's premium using your credit card, and begin your coverage the same day. It depends on the insurance company. Buy an insurance coverage whose total sum insured is less than or equal to free-cover limit or non-medical limit.
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