Insurance
Life Insurance
What can you do to reinstate a life insurance policy when it has been cancelled due to a payment received 10 days after grace period?
Wiki User
2005-02-15 08:30:56
Ask the Insurance Company if there is anyway they will reinstate
and see what happens. Check your ACTUAL policy and see if you have
any protections or guarantees.
Related Questions
Asked in Insurance, Homeowner's Insurance
You own your home you stopped paying for home insurance. will i have problem restablishing a home insurance?
If your previous home insurance policy was cancelled for
non-payment, the company you were insured with may choose not to
reinstate the policy depending on your history with the company.
While this company does not have to reinstate your policy, you will
be able to bind insurance with another provider. If this company
asks if you have been cancelled previously for non-payment, answer
honestly. This will not disqualify you for obtaining insurance,
however it may disqualify you from receiving a continuous coverage
discount if they offer it.
Asked in Insurance, Homeowner's Insurance
Can a home insurance policy be cancelled for non payment?
Yes. Non Payment of premium can cause a cancellation or non
renewal of an insurance policy.
Asked in Insurance, Homeowner's Insurance, Life Insurance, Loans, Mortgages, Money Management
Your home insurance was not paid by the mortgage bank last month The insurance policy has been cancelled Does the bank have to insure you now?
The bank must make payments of these items from the account on
time, if you kept an escrow account with the bank and carried out
regular deposits for the taxes and insurance payment.
If the bank does not pay the insurance premium on time and the
insurance policy is cancelled, the bank must either get in touch
with the insurance company and make them reinstate the policy, or
buy a policy with another company.
Nevertheless, within this time you keep being liable for
continuing the insurance payment through your escrow account.
Asked in Auto Insurance
Can you reinstate your car insurance for non payment?
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.
Asked in Auto Insurance, Auto Insurance Claims, Auto Accidents, Transportation Accidents
What should you do if after a car accident your insurance company claims they did not receive your payment and sent you a cancellation notice but you did not receive it?
Several answers apply here. First did you move and if so did you
send your insurance company a change of address? Secondly did the
accident take place before or after the effective date of
cancellation? Insurance companies don't have to prove you received
the cancellation notice, they only have to prove they mailed the
cancellation to the last known address you provided them. If you
move and do not send them a change of address, you are in trouble.
Lastly, did you pay the insurance premium for which they cancelled
you? If so produce your cashed check and they will have to
reinstate your policy by most state laws. If you did not pay as
required, then they cancelled you for non payment, and in all
likelihood you are cancelled and have no coverage. If the accident
took place before the date of cancellation, go see an attorney.
Asked in Insurance, Auto Insurance, Auto Insurance Claims
Lapse in car insurance?
A lapse in your auto insurance is a time period for which you
had or have no coverage. Either your policy expired and was not
renewed on schedule meaning you missed your renewal payment or you
missed a monthly payment and the policy was cancelled.
Asked in Insurance, Foreclosure, Definitions, Karl Marx
What is the meaning of reinstatement?
Reinstatement simply means getting your coverage back to active.
Most policies cancel when payments are not received on a timely
manner, causing a policy to cancel (no coverage). Once payment is
received, a company will usually reinstate a policy, sometimes
without lapse (depending on how many days the polilcy has been
cancelled).
Asked in Insurance, Homeowner's Insurance
Can you get insurance when your homeowners policy was cancelled due to non-payment?
I believe you can, your premium my just be a little higher.
that's what happened to me anyway. Hope this helps a bit.
Asked in Insurance, Medical Insurance
Can a medical insurance company drop you because of one non payment?
It would depend on the insurance company. Most insurance
companies will reinstate your coverage once you are caught up on
your premium payments. You would then just have a lapse in coverage
for the month you missed.
Asked in Homeowner's Insurance
Can insurance agency reinstate a cancelled policy without insured's approval?
If you have requested cancellation of your policy then it would
not be appropriate to reinstate it without an additional request
from you so long as required notices of discontinutaion of coverage
have been made to all interested parties..
There are times when it would be appropriate and in the best
interest of the insured to automatically reinstate a policy without
an additional request from you to do so. Especially if there is an
express or implied desire for continuation of the coverage such as
if an overdue payment is received after a policy lapse.
Other Insured Parties such as Lienholders and Mortgage companies
can also require an insurer to continue coverage for a specified
period of time. Another insured parties interests could require the
insurer to reinstate a policy until such time as they have been
properly notified.
Asked in Insurance, Auto Insurance
Can your car insurance policy be cancelled without notification?
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.
Asked in Insurance, Auto Insurance
What do you do if your auto insurance has been cancelled due to nonpayment with safeco?
Call the company, Offer to make your payment and request a
re-instatement of your policy.
Asked in Auto Loans and Financing, Repossession, Loans
Can the bank hold onto a payment they received the day they repossessed the car and refused to reinstate the loan?
YES, they can and DO. Read your contract about the re-instating
part. Was this your 2nd repo?
Asked in Homeowner's Insurance, The Difference Between
Where and how to get Condo Insurance If Condo Insurance cancel you?
First we would need to know why you were cancelled? As if you
were cancelled for misrepresentation or fraud then you are in
trouble, but if you were cancelled for non payment then just call
up some other insurance companies and get quotes should be no
issue, you may see a jump in your premium and thats unavoidable and
you will have to live with it for around 3 years. If you were
cancelled for underwriting reasons, inquire as to what that was so
you can change it for the next insurance company. Condo insurance
is very complex and although it is cheaper then most insurances for
property it is the most difficult to adjust for a claim.
Asked in Traffic Violations and Tickets
What happens if you rear end somebody in Illinois and your insurance was cancelled because the payment was late?
If you rear end someone in Illinois and your auto insurance has
been canceled for non payment, it is likely that you will get sued.
The person you hit can take you to court for compensation which
will come out of your own pocket.
Asked in Insurance, Auto Insurance
How can i get auto insurance if it has been cancelled on me due to non payment?
Contact your agent or companies policy services dept. and see if
you can pay your premium and get reinstated, or if you can get a
new policy. There are companies that will accept drivers that have
been previously cancelled look around, contact some agents, but get
some insurance !
Asked in Insurance, Auto Insurance
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.
Asked in Insurance, Auto Insurance, Auto Insurance Claims
What to do if your insurance was cancelled due non payment. 1 month later you get into a 6 car accident that was caused by a drunken driver which ended up being a hit and run?
Once your policy was cancelled you no longer have coverage.
Hopefully the drunk driver has good enough insurance to take care
of your damages.
Asked in Insurance, Life Insurance
What does life insurance has been suspended mean?
If you die there will be no payout to your beneficary, This
usually happens when you miss a premium payment and they 'suspend'
the policy, allowing you to make the payment(s) up to date and will
reinstate the policy, as opposed to a 'cancellation' or
'termination' when you have lost the policy never to be
reinstated
Asked in Auto Insurance
Does car insurance become cancelled when the owner passes away?
Not unless the deceased calls the company to cancel. The
insurance company cannot cancel the policy unless it is requested
in writing by the insured or executor or if it cancels for
non-payment.
Asked in Insurance
What are payment options for mercy insurance?
"There are a variety of payment options available for Mercy
Insurance.
Asked in Insurance, Life Insurance, Estates
Can you receive life insurance payment if your in prison?
Yes. The beneficiary of a life insurance payment can always
receive the payment regardless of where he or she is.
Asked in Insurance, Auto Insurance
What is a notice of rescission in regards to auto insurance?
A rescission, is a rescind. That means they have voided whatever
the notice referred too.
You'll have to read the notice for further details to determine
what was rescinded.
A notice of rescission is often sent to the insured when a late
payment has been processed where the insurer has already sent out a
notice of cancellation for non payment. If the payment was received
after the due date and accepted after the cancel notice was issued,
The insurance company may send a notice of rescission and
continuation of coverage, Basically they are cancelling the
cancellation, meaning that you are not cancelled.
Asked in Life Insurance
Can you make a payment on line for life insurance?
Payment of life insurance premia is allowed on line, along with
payment over counter whether payment by cash or cheque.