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If we all cancelled healthcare insurance would that force lower premiums?
Wiki User
∙ 14y ago
Yes and No, but mostly it will be no. Insurance is simply a pool of money from a group of people to provide funding in the event of a loss(claim). It is unlikely that everyone will cancel their health insurance. If they did, then there would no longer be a pool. However, if more people cancel their coverage, it will actually reduce the pool of money and cause the premium of those who maintain their insurance to go up.
Wiki User
∙ 14y ago
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Does a flexible universal life insurance policy expire at a certain age?
A flexible UL policy CAN expire unless you add more premiums to keep it in force.
Can a sibling force another sibling to turn over life insurance to pay for their parents funeral?
No, unless they are an executor of the estate and the parent had been paying the insurance premiums before their death.. Any person can insure anyone, it only means that a policy will be paid on death of the person they have insured and is paid to the person who paid the premiums or to their estate.
What type of policy is not permanent life insurance?
Of the various types of life insurance that exist, "term" life insurance is not permanent. This is because it remains in force only as long as premiums are paid. In contrast, "whole life insurance" is frequently also referred to as "permanent insurance" That is because it accumulates cash value, which is sort of a saving account built into the policy. Therefore, once cash value reached a certain amount, in theory, no further premiums have to be paid because the policy can be maintained based upon the cash value.
What is a single pay whole life insurance policy?
A single pay whole life insurance policy is a permanent life insurance policy that requires a one time payment/premium. The policy is guaranteed to stay in force until age 121 (in USA) and no additional premiums need to be paid.
Why are life and health insurance contracts aleatory?
All insurance contracts are aleatory by their very nature. This is because, while the insured is required to pay premiums to keep the contract in force, the insurer may not be required to perform if a loss within the scope of coverage does not occur.
What does it mean when you see the word inforce in the box on insurance form where it normally says active inactive or cancelled?
In force in auto insurance terms means that a policy is in place or active. So, seeing that in that box typically means the same as active.
How i check my policy status?
I assume you mean how can I check if the policy is in force, in danger of lapsing, or cancelled for lack of payment. I would simply call your agent and/or the insurance company's customer service.
How I can check policy status?
I assume you mean how can I check if the policy is in force, in danger of lapsing, or cancelled for lack of payment. I would simply call your agent and/or the insurance company's customer service.
How can i check my policy status?
I assume you mean how can I check if the policy is in force, in danger of lapsing, or cancelled for lack of payment. I would simply call your agent and/or the insurance company's customer service.
You have a term policy for many years. one policy holder becomes incarcerated. Is policy still enforced if something should happen to that person?
As long as you keep paying the premiums the life insurance is in force.
What is the number of health insurance companies in the US?
I believe it's over 300 or over 3000... If the government would allow interstate commerce laws apply to insurance companies, then that would force free market competition, therefore forcing these companies to lower all premiums.
Homeowners insurance cancelled what will the mortgage company do?
The mortgage company will force-place coverage for the dwelling for you. Ultimately, you will be paying for it. It will also be A LOT more expensive for you with (generally) less coverage.
