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What is the normal wait time before a life insurance policy takes effect?
Wiki User
∙ 13y ago
Typically, once the application is completed and an initial premium is paid, the application is sent to "underwriting". That is the department within the insurer that decides whether the characteristics, physical attributes, health history, and other factors present a risk that the insurance company wishes to assume, and for what premium.
When the application is taken, the proposed insured is generally given a "binder". This is essentially a policy of temporary insurance which stays in force until the underwriting process has been completed (normally about 30 days). If the insurer decides to issue a policy, the agent is typically notified, sent a copy of the policy and he/she delivers it to the insured. As indicated, all of this normally occurs within about 30 days barring further investigation that the insurer may have to do during the underwriting process.
Wiki User
∙ 13y ago
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At what time does an insurance policy go into effect?
In most cases an insurance policy for a car goes into effect the moment the first payment is made. In the case of medical insurance there might be a waiting period based on the insurance company. Life insurance usually goes into effect after the first payment is made, but there might also be a waiting period before benefits will be issued.
When does an auto insurance policy take effect if you get into an auto accident at 2am and start an insurance policy at 8am?
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what does day insurance cover?
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What do you do if your insurance lapses during an accident?
Your insurance is either valid on the day of your accident or it isn't. If you are asking what happens if the policy was valid on the day of the accident but lapses before the claim is settled then the coverage that was in effect the day of the accident still applies. If your policy was not in effect the day of the accident then coverage will not apply.
Is the mortgage on a house pay off upon death?
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Phone the insurance company.
If you change the deductible on an insurance policy is there a grace period for that to go into effect?
Probably midnight that day or maybe 12:01 a.m. the night before.
How do you find out If you have gap insurance?
By looking at any GAP Insurance Policy you purchased and looking at the dates to see if it is in effect. If you bought GAP Insurance, you would have been given a copy of the bogus GAP insurance Policy.
How does your son DUI effect your insurance?
If he is on your policy it may result in increased premiums.
What is the periodic payments made to keep an insurance policy in effect called?
premium
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The new owner of a life insurance policy if the original owner dies before the insured.
Does a will have any effect on a life ins policy?
No, it does not. Life Insurance is a contract between the deceased and the insurance company. Unless the estate has been listed as the beneficiary, the will has no affect on the policy.
