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A fire insurance policy had an annual premium of 780 What is the regular refund if the policy is cancelled by the insurance company after 5 months?
You are due a refund of of all unearned premium. Associated policy production fees are nonrefundable.
What is the time after the premium due date before the policy lapses is called?
grace period
Is policy remain valid if premium due is not paid?
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.
Is it possible for an auto insurance carrier in New Jersey to reinstate a policy that was canceled due to a missed payment or must they issue a new policy at a new premium?
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.
What is the mailing address for life insurance policyholders in Florida I am in Oregon and think my premium is due this month but have no bill. Policy?
You have to call the Insurance company that issued your policy.
What is a paid up insurance policy?
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.
Can I cancel my policy and if yes will I get my premium back?
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.
What happens if your auto insurance expires?
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.
Can your agent change your premium price after you paid the premium in full I paid for a 6 month policy IN FULL and the 45 days later my agent said I owe 192 more due to HER mistake Is it LEGAL?
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.
Questionnaire on lapsation of life insurance policy?
it is discontinuation of premium payment due to mis-selling,financial crisis,etc..
Is policy premium due monthly?
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.
When is a life insurance policy in force?
A life insurance policy is said to be "In Force" or "Active" if the policy holder makes all his/her premium payments on time. Insurance company's offer a grace period (Of around 30 days) from the due date of the premium and in that grace period too, the policy is considered to be Active. However, the moment the grace period is crossed, the policy becomes Lapsed/inactive.
