You are due a refund of of all unearned premium. Associated policy production fees are nonrefundable.
Depending on the type of life insurance policy, if a premium is due there is a grace period while payment can still be made to keep the policy in force. Grace period is usually 30 days. If the policy has cash value, premiums can be paid out of the cash value. Once the cash value depletes the policy will lapse if no additional payments are made.
You have to call the Insurance company that issued your policy.
This may depend on your insurance companies own internal rules and policies. NJ does have some interesting insurance law but I don't know if it gets this detailed as to regulate the reinstatment of a policy that has lapsed for non payment of premium.
A paid up insurance policy is a life insurance policy under which all life insurance premiums have already been paid, with no further premium payments due on the policy.
Then you will have to get a new policy. Usually a company will automatically renew you. Sounds like the policy non-renewed due to non payment of premium.
it is discontinuation of premium payment due to mis-selling,financial crisis,etc..
The foregoing answer applies to situations when the policy is first purchased. However, a policy can always be cancelled by the insured requesting cancellation or by failing to pay the next premium due. If cancellation is done by request of the insured, the policy language will dictate whether a pro-rata refund of premium (for the then-current coverage period) is available.
In most US states an Insurance Company has 60 days from policy inception to properly adjust a premium. Most often a premium change is the result of some unknown factor at policy inception, Usually undisclosed tickets or accidents on the part of the drivers on the policy.
When application is made for an insurance policy, the applicant is normally given a choice of the frequency of premium payments. Generally, the choices are monthly, quarterly, semi-annually or annually. The choices of frequency often vary with the kind of insurance involved.
Yes they can still charge you if there is unpaid premium due from before the expire date of your policy.