Insurance - cancelletion of policy
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david9
08-26-05, 05:05 AM
I have 2 questions to ask.
1. Could an insured cancel his insurance policy(may be due to lowering of ranking) on his own in the mid of the policy period? If not, why is it so that a carrier can cancel while policy owners not?
2. What will be the payment procedure if the company decides to cancel the policy?
Thanks in advance.
1. Could an insured cancel his insurance policy(may be due to lowering of ranking) on his own in the mid of the policy period? If not, why is it so that a carrier can cancel while policy owners not?
2. What will be the payment procedure if the company decides to cancel the policy?
Thanks in advance.
Hammylinky
08-29-05, 08:48 AM
What type of policy are you referring to? Homeowners, auto, life insurance? We could probably help you better if you include more information in your posts.
In most cases, an insured can cancel an insurance policy. But keep in mind you need to pick up insurance with another carrier for something like homeowners or a vehicle which you still own payments for. Depending on the policy, the insured could owe the insurer a cancellation fee.
If the policy is cancelled the insurer will refund any overpayment to the insured, or the insured will owe any additional unpaid balance to the insurer.
In most cases, an insured can cancel an insurance policy. But keep in mind you need to pick up insurance with another carrier for something like homeowners or a vehicle which you still own payments for. Depending on the policy, the insured could owe the insurer a cancellation fee.
If the policy is cancelled the insurer will refund any overpayment to the insured, or the insured will owe any additional unpaid balance to the insurer.