I don't know, but, the GAP policy I had used the formula: Outstanding loan balance minus cash value as the beginning of it's calculation. Then it went out to subtract refunds of extended warranties, etc. It really sounds like it is doing the same thing as "regular" insurance. I can't see where it would pay out very often since cars depreciate so much and so quickly. Thanks for the reply, but that wasn't my question. I was wondering how many people ever file claims against their GAP insurance; i.e. the percentage of GAP policies which ever have a claim made against them.
The Direct and Corporate Agents who sell life insurance policies on behalf of the Insurance Companies are paid a certain percentage of commission(quantum already settled before) on the premium amount. In the case of single premium policies, commission is paid once and at a lower rate, whereas in conventional policies the commission is paid on premiums paid on every mode and at a bit higher rate.
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