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The reason why life insurance companies ask about other life insurance coverage is to determine if you have a need for additional life insurance. The insurance companies do not want you to be overinsured.

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βˆ™ 2011-01-04 15:03:50
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Q: Why do you have to let the insurance company know if you already have have a insurance policy with a different company?
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Related questions

What happens if you are named a benificiary in an insurance policy but the will says different?

The will has no relationship to the insurance policy. The Policy is a contract between the insurance company and the insured and does not become a part of the estate.


Does your car insurance go up when someone backs into your car when your not in it?

Normally this would not cause an insurance policy to increase, but it is possible. Every insurance company is different and have different rates. You should check with your insurance company directly and ask. Not at fault accidents can effect the price of a policy when the policy is new business with a company.


Where can one purchase a travel insurance policy?

There are many sources for anyone who wants to purchase a travel insurance policy but the best place to start would be by contacting the insurance company an individual already has a policy with and to ask for a recommendation from them.


Who cancels an old auto insurance policy when you change to a new policy under a different company?

The policyholder should contact the insurance company and cancel the policy - you might get a partial refund if the premiums are paid up-to-date!


Car insurance criteria for cancels due to accidents?

A car insurance company can cancel your policy for many reasons and they are not obligated to provide you with insurance. Different companies have different criteria for cancellation of a policy due to accidents.


How can you find a life insurance policy if you have insurance company name and policy number?

You can call the insurance company and provide your policy number, and they can provide any details on your policy, or send a duplicate policy if the original was lost.


What happens if the beneficiary of a life insurance policy is deceased and there is no will?

In case of death of the policy holder, with beneficiary already deceased and there is no will, the Insurance Company will pay only to the Legal Heir of the Policy Holder. The death claim will be kept in abeyance till the legal heir proves his legal identity to the satisfaction of the Insurance Company.


Can automobile policy issued to cover retroactively?

No. An insurance policy cannot be issued to pay for an accident that already happened. Why in the world would you think that an insurance company would take on a claim that happened before you purchased the policy.


Can you get a print out of your life insurance policy?

Yes, your agent or the insurance company can provide with a copy of your insurance policy.


What is The different between insurer and insured?

The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.


How can your company be contacted about an old insurance policy?

The insurance policy is from Prudential and from the state of Indiana.


The policy summary in a life insurance policy must include the insurance company's?

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