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Insurance coverage may end upon the happening of one or more of several events:
1. If the policy is issued for a specific period of time (called a "term"), it expires at the end of the term;
2. If the premium if not paid as agreed. The premium is the amount of money that the policyholder pays to the insurer in return for providing insurance. The policy may provide for a "grace period", such as 30 days from the ordinary due date of the premium within which to make the premium payment. If payment is not made by that date, the coverage usually expires.
3. The insurer may terminate coverage if it discovers that the insured, in his/her/its application for the insurance policy misrepresented a material fact. Stated otherwise, if the insurer determines that the insured gave information that was material to its decision as to whether or not to issue the policy, it may seek the early termination of coverage. If the termination of coverage is for this reason, a lawsuit often ensues for the court to determine whether the termination was proper. The technical terminology for this sort of termination of coverage is "rescission" of the policy.
What else can I help you with?
How can I terminate my health insurance coverage?
To terminate your health insurance coverage, you typically need to contact your insurance provider directly and request to cancel your policy. They will guide you through the necessary steps to end your coverage.
What happens at the end of a term life insurance policy?
At the end of a term life insurance policy, the coverage expires and the policyholder no longer has insurance protection.
What are Types of dog insurance?
Learn and find all the information you need to know about dog types What exactly do you mean by types of dog insurance? Like insurance for dogs? Because there is this company called Trupanion that does dog and cat insurance. So if you are looking to get insurance for your pet, I would recommend checking their website out.
Do I have dental insurance coverage?
To determine if you have dental insurance coverage, you should check with your insurance provider or review your insurance policy documents.
Is it possible to have insurance coverage by more than one insurance carriers?
Yes, you can have insurance coverage from multiple carriers.
Does your car insurance end the day you cancel or are you still covered for 30 days?
The expiration date, or the day you cancel is the official end of insurance coverage. Period. The 30 day "grace" period is a myth. If you just let the policy expire by not paying the renewal premium, they will PROBABLY reinstate your coverage retroactive to the expiration date, but I would not rely on that. If you CANCELLED, that's the end of your coverage.
What if the cobra insurance coverage is better than the new employer's insurance, can I still keep the cobra coverage?
If the COBRA insurance coverage is better than the new employer's insurance, you may choose to keep the COBRA coverage instead of enrolling in the new employer's insurance.
Type of insurance is the same as medical coverage?
In auto insurance, personal injury protection coverage is the same as medical coverage.
What type of company is Complete Coverage Insurance?
Complete Coverage Insurance is the type of company referred to as an independent insurance agency. They provide insurance coverage for automobile, home, health, business and life.
What is the remaining balance on your car insurance?
The remaining balance on your car insurance is the amount of money you still owe for coverage until the end of your policy period.
What type of insurance is the same as medical coverage?
In auto insurance, personal injury protection coverage is the same as medical coverage.
Do you have insurance coverage for your baby?
Do you have insurance for your baby?
