| Message |
Author |
|
 Posted: Tue Sep 04, 2007 10:57 am Post subject: Can any fully surrenderd policy |
|
|
| Can any fully surrenderd policy get reinstated? if yes what are the conditions |
|
RAJEEV
New member
Joined: 04 Sep 2007
Posts: 1
1.34 Dollars($)
|
|
| Posted: Tue Sep 04, 2007 8:47 pm Post subject: |
|
|
Hi rajeev,
I am assuming that you are referring to a cash value life insuance policy that has been surrendered for that cash value. If that's correct, here's some information for you.
Normally, a cash value life insurance policy is surrendered for it's cash at either the request of the policyowner, or if the policy has gone into non-forfeiture because the policy lapsed due to non-payment of premium. In either case, the effect would be the same.
If a policy has been surrendered for the cash, it cannot normally be reinstated. When you surrender, you "quit" the policy. You "gave it up" and since nothing actually exists anymore (since you "quit") there wouldn't be any policy remaining TO reinstate. It's over, it's done, it's toast.
While I could be wrong, I don't know of any carriers that will allow reinstatement of a surrendered policy. Whoever surrendered the contract will have to reapply for a new policy and go through the standard underwriting procedures.
I hope this helps, and if there is anymore information that you could provide regarding this situation, it may give us something additional we could help you with.
Good luck!
InsTeacher  |
|
InsTeacher
Moderator
Joined: 13 Aug 2007
Posts: 896
Location: Oregon, USA
41.23 Dollars($)
|
|
| Posted: Wed Sep 05, 2007 7:06 am Post subject: |
|
|
Hello rajeev,
In case of life insurance policies; the policy can be reinstated depending upon the guidelines suggested by the insurance firm. For reinstating the policy the insured is required to make an application and undergo medical tests to confirm good health. The insurance company will then decide whether to reinstate his/her policy or not. The policy holder also should promise to pay all the lost premiums in order to put his policy in force. As InsTeacher has rightly mentioned, the insurance company may decide not to reinstate your policy as they have already paid off the cash value on your policy. Well some may also decide otherwise. To get a proper picture you need to ask your insurance agent. SSundar
_________________
Register Now to have your Insurance queries solved. |
|
SSundar
Guest
|
|
| Posted: Wed Sep 05, 2007 7:29 am Post subject: |
|
|
Your fully surrendered policy may get reinstated except the following circumstances:
1. If the insurance company has to reinstate the full amount of the surrendered policy.
2. Where the date of reinstatement of the policy is the date of surrender of the parent policy.
Regards,
Martha
_________________
Register Now to have your Insurance queries solved. |
|
Martha
Guest
|
|
| Posted: Wed Sep 05, 2007 3:50 pm Post subject: |
|
|
Welcome to the Community Rajeev  Also, if you can give us an example of what circumstances you are talking about, it would help to be able to give you answers for your problem..Good Luck, Feel free to ask questions..KAren |
|
Bossy4455
Preferred member
Joined: 01 Sep 2007
Posts: 102
Location: Okla.
30.15 Dollars($)
|
|
|
|
lakemen
Site Admin
Joined: 18 May 2005
Posts: 1226
316.72 Dollars($)
|
|
