| Message |
Author |
|
 Posted: Wed Jan 28, 2009 9:57 am Post subject: |
|
|
| Quote: | | Gary, when and what are these administrative costs, broker fees blah blah that people are talking about? Just not something we have in the midwest? I've never seen or heard of this. |
Sounds to me like an urban legend.
In Florida, it's a 100% refund of premum during the Free Look period.
_________________
Gary Spicuzza, *SAFE
Copyright 1956.
No Rights Reserved.
*Self Appointed Financial Expert |
|
GarySpicuzza
Forum Expert
Joined: 03 Apr 2008
Posts: 959
Location: West Pasco County, FL
242.53 Dollars($)
|
|
| Posted: Wed Jan 28, 2009 11:32 am Post subject: |
|
|
| Quote: | Sounds to me like an urban legend.
In Florida, it's a 100% refund of premum during the Free Look period |
No sorry I was clear enough, I mean ANY time, I've never seen any adm. fees etc..on any types of policys canceled at any time...(after free look lets say)
_________________
"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
|
Lori
Moderator
Joined: 10 Sep 2007
Posts: 8173
Location: Missouri
287.90 Dollars($)
|
|
| Posted: Wed Jan 28, 2009 12:54 pm Post subject: |
|
|
Lori, I'm not aware of such a thing.
Maybe it's a P & C thing? Or "other" country thing.
It doesn't happen in Florida, unearned premium is refunded.
Maybe a P & C agent will jump in here.
_________________
Gary Spicuzza, *SAFE
Copyright 1956.
No Rights Reserved.
*Self Appointed Financial Expert |
|
GarySpicuzza
Forum Expert
Joined: 03 Apr 2008
Posts: 959
Location: West Pasco County, FL
242.53 Dollars($)
|
|
| Posted: Wed Jan 28, 2009 1:34 pm Post subject: |
|
|
| Quote: | | we have sent the insurance company documentation from our agent indicating he cancelled the policy within the right to review and cancel period. |
To some extent it might depend on the quality of information that such documents are carrying. Also going through the paper-works (that you'd received while signing-up) carefully might give you a clue whether or not your policy has any specifications regarding such situations.
_________________
Register Now to have your Insurance queries solved. |
|
anonymous00
Guest
|
|
| Posted: Fri Mar 27, 2009 9:11 pm Post subject: cancellation & refund |
|
|
i want to cancel my policy is it possible if free look period is over 45days its a case of mis seeling
_________________
Register Now to have your Insurance queries solved. |
|
rahul
Guest
|
|
| Posted: Sat Mar 28, 2009 7:08 am Post subject: |
|
|
| You may have to contact the agent and the insurance company. Hopefully you would be able to get the policy cancelled and the premium back. How was it a miss-selling? What kind of a policy is it? |
|
RupertWBradson
Senior member
Joined: 05 Jul 2007
Posts: 703
131.50 Dollars($)
|
|
| Posted: Fri Mar 11, 2011 9:38 pm Post subject: |
|
|
Okay - follow up question - what if I had paid the initial premium AND an application fee which is meant to cover the administrative expese of processing the application - doesn't the ins. company get to keep the application fee?
_________________
Register Now to have your Insurance queries solved. |
|
anonymous in FL
Guest
|
|
| Posted: Fri Mar 18, 2011 5:15 am Post subject: |
|
|
| Quote: | | what if I had paid the initial premium AND an application fee which is meant to cover the administrative expese of processing the application |
I don't know of any life insurance company that charges a separate "application fee". Most state laws prohibit an insurance company for directly charging a person a fee for any underwriting expenses.
In other lines of insurance, brokers may add a layer of fees on top of any premiums charged by the insurance company. As far as I know, this is prohibited by all states in life insurance sales.
_________________
California-licensed Property & Casualty Broker-Agent and Life & Health Agent. CA Insurance License #0596197. Send me your questions, and I'll send you my answers. I live, breathe, and teach insurance! |
|
MaxHerr
Moderator
Joined: 29 Nov 2009
Posts: 4218
Location: Pomona CA
162.55 Dollars($)
|
|
Previous 1, 2
