Depends on how often the premium was paid....
For more info. see www.steveshorr.com
Generally speaking, if the premium was paid on a monthly (or more frequent) basis, the answer is NO. If less frequently (i.e. quarterly, bi-annually, or annually), then most will refund the prorated amount, rounded to some reasonable number (i.e. typically a week). The exact specifics will be found in the policy itself.
Amang (02W)Bebeng (1101)Chedeng (1102)Dodong (1103)Egay (1104)Falcon (1105)Goring (active)Hanna (unused)Ineng (unused)Juaning (unused)Kabayan (unused)Lando (unused)Mina (unused)Nonoy (unused)Onyok (unused)Pedring (unused)Quiel (unused)Ramon (unused)Sendong (unused)Tisoy (unused)Ursula (unused)Viring (unused)Weng (unused)Yoyoy (unused)Zigzag (unused)Abe (unused)Berto (unused)Charo (unused)Dado (unused)Estoy (unused)Felion (unused)Gening (unused)Herman (unused)Irma (unused)Jaime (unused)
Definately! Remember, premiums are NOT a loan. If you don't pay the insurance company will in most cases not sue you, send your unpaid balance to collections or anything of the sort. Total premium due is the total amount you have to pay during your term, typically 6 to 12 months. However you pay, is up to you. If you pay all at once, most of the time the insurance company will send you a refund check of your unused premium, but CHECK your policy and the company's terms before confirming that. If you pay by the month, then simply call your insurance company with a request to cancel or don't pay the bill when you get it and usually they will cancel within a few days of nonpayment of premium. If you have a lienholder (you have one if you have a car payment) make absolutely sure you don't incur a lapse in coverage because say you canceled your policy on a Monday and can't get a new one until Wednesday and you had a wreck on Tuesday, YOU will have to cover any and all damages to your car if you have an at fault crash or an uninsured driver hits you. This is why most insurance companies and brokers take pictures of your car in the parking lot so any damage you attempt to claim after the start of the policy will be denied as the photos will serve as evidence and you could be convicted of insurance fraud, so be careful.
Like other insurances, Blue Cross plans are funded, in the first instance, by the premiums paid by contract holders. Additional money is realized by earnings on investments that the entity makes with currently-unused premium dollars. For the most part, states regulate the rates that insurers, including the Blue Cross entities, may charge. A "rate" is an amount of money per unit of insurance, and the ultimate premium is derived from the rate. The state insurance regulator is concerned both that the insurer does not charge an excess amount as the rate/premium, but also, that a sufficient amount is charged to pay anticipated claims. Likewise, the insurance regulator limits the range of acceptable investments to conservative ones to guard against investment losses.
There are statutes and laws in place that protect consumer rights. These laws provide protection against discriminatory practices in matters such as terminations, cancellations and denial of car insurance coverage. Included below are car insurance laws that protect consumers in New Jersey.Right to Change or Cancel Your Insurance PolicyAll consumers have a right to change or cancel their current insurance policy whether it is up for renewal or not. If you shop around and find a cheaper policy, cancel your old one. You are also entitled to a refund of any unused premium you have paid. In the state of New Jersey, insurers have to pay consumers their refund within 60 days of their cancellation. Please note, do not cancel your automobile insurance until you have secured other insurance. A lapse in coverage could mean higher insurance rates.Your Right to a Cancellation NoticeUnder special circumstances, insurance companies have a right to cancel your insurance policy during the policy period. Situations such as: having your license suspended or failing to make premium payments will cause this mid-term cancellation. As a consumer, an insurance company has to send a 15-day warning notice of cancellation intentions to the consumer before the policy is canceled.Your Right to a Non-renewal NoticeInsurance companies have a right to decline the renewal of coverage of some policy holders. This can happen if the policy holder no longer meets the company's acceptance criteria, if the driver has driving violations, an at-fault accident or poor payment history. Insurers have to send a written non-renewal notice at least 60 calendar days prior to the expiration date of the existing policy.Right to an AppealIf your automobile insurance is cancelled or you're denied coverage unfairly, you have a right to an appeal. This appeal can be filed with Consumer Protection Services department with New Jersey's Department of Banking and Insurance. It can be reached at (800) 446-7467.
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