by sk » Tue Jun 01, 2010 10:47 pm
applied for freelook cancellation. company continued offering temptations. I was adamant to cancel the policies. company blocked the refund amounts ? what to do ?
company has failed to perform and execute the freelook cancellation applications. what are the rights, liabilities and responsibilities of the insured and insurer in such freelook cases, when insurance company intentionally withholds freelook amounts, without reasonable cause ? Insurance company is using our amounts, borrowed on high interests ? we are squeezed. seek protection and justice.
company has failed to perform and execute the freelook cancellation applications. what are the rights, liabilities and responsibilities of the insured and insurer in such freelook cases, when insurance company intentionally withholds freelook amounts, without reasonable cause ? Insurance company is using our amounts, borrowed on high interests ? we are squeezed. seek protection and justice.
Posted: Thu Jun 03, 2010 07:19 pm Post Subject:
SK . . .
I never meant to imply this was taking place in India -- I just like to remember the news item 10 years ago in the Wall St. Journal about Citibank in India sending thugs to break the bones of deadbeats.
company managers started tempting me to continue my health policy worth 125,000 USD by offering temptations, but i refused and finally reported the matter to the authorities. Total 50 days have lapsed from the first day of approach to the insurance company for refunds. Authorities have given time to the insurance company and they still have a week in hand, to respond. But if something happens to me in between, what is the fate of my insurance ? will it be treated as cancelled from the date of handing freelook cancellation notice to the sales manager, or from the date of company acknoledgement or if i meet an accident, i will be treated as covered,
That's the whole essence of exercising one's free look privilege. You "sealed the fate" of your insurance with the single word, "cancelled"
If cancelled, the situation is considered as if the policy never existed (even if it once did). So what does that mean?
NO COVERAGE before or after the policy was issued, and a refund of your money, dead or alive.
Posted: Thu Jun 03, 2010 09:01 pm Post Subject: freelook cancellation notice not acted upon by insurance com
Lori, hold on. we are moving closer to some conclusion. Do you mean that my submitting notice for freelook cancellation confirms " NO COVERAGE " effective my "notice' date ! whether or not the insurance company accepts/rejects the cancellation on some flimsy ground ? If so, is holding and releasing the payment mere a formality from the insurance company. Does this also mean that detaining my amounts will tantamount to illegality and insurance company should be directed to return the amounts with Interests ! If policyholder cannot have both ways, can Insurance company have two ways ? under the guise of negotiating with the insured, despite the freelook cancellation notice delivered, can such erring insurance companies withhold the freelook amounts for say 50 days ? Interests, Costs will be considered or not ? Justice delayed is Justice denied. It is understood that we are in a civilised world.
next, USA is a role model. Of all the banks, you named only CITIBANK. An USA Bank. USA bank does not have such practises in USA, but they do so in other countries ? why ? Because they are USA banks ? anyway that is not out primary topic. lets concentrate to Insurance only.
if possible, please reply serially. thanks......Sk
Posted: Thu Jun 03, 2010 10:04 pm Post Subject:
SK . . .
I don't mind you referring to me as "Lori" -- I answer to just about anything :lol:
If so, is holding and releasing the payment mere a formality from the insurance company. Does this also mean that detaining my amounts will tantamount to illegality and insurance company should be directed to return the amounts with Interests
It would be nice to know what country we are dealing with. In general, the insurer is not supposed to keep your money any longer than it takes to issue a refund, IF they know your intent is to cancel the coverage. Their agent (the Sales Manager) may not have informed them of this, and your insurance company may be truly unaware of your cancellation.
Can the company have it both ways? Of course not! Does that prevent them from delaying a refund? It should not. Are you entitled to interest? Probably not, unless the insurance laws wherever you are permit/require it.
No insurance company here in the US is going to play games in the event of a cancellation, withholding refunds and trying to get clients to buy something else instead. They have too many other things to be concerned with on a daily basis.
On the other hand, however, an agent who dreads having to pay commission back to an insurance company because he's already spent it on who knows what, that agent will try every dodge and shuffle until the client caves in, weary of the struggle, and says, "OK, I'll take that" (regardless of what it is).
Why mention Citi and none others? It's the one I remember reading about having engaged in the practice. I'm sure they're not the only one.
Posted: Thu Jun 03, 2010 11:20 pm Post Subject:
SK, I specifically requested that Max jump on this thread to attempt to assist you...thankfully he has done so...I honestly have pretty much no idea what you're talking about... :roll: :wink:
But I will say, this...it makes a BIG difference what the laws for the jurisdiction you're in have to say. What would or could happen in the US would have no bearing on your situation (unfortunately)..Frankly, something like this (to the extent you have posted) happening here would be EXTREMELY rare, if ever...there are many laws, regulations, comsumer safe guards, and governing bodies to handle a complaint, (blantant theft) of this magnitude.
Posted: Fri Jun 04, 2010 12:08 am Post Subject:
quote1
Posted: Fri Jun 04, 2010 12:44 am Post Subject: freelook cancellation notice not acted upon by the insurance
sorry max, sorry lori, sincere apologies. You have observed my application of mind is not in place, because of the sole reason being continuous harassed by the insurance company for refund of my usd 125,000. We are dealing with a great country, wherein Law prevails, but time for Justice does not matter, rather is not significant. scamsters don't fear the toothless regulators, as in USA. we have all the laws, regulations, consumer safeguards and governing bodies to handle a complaint, but concerned authorities somehow lack enforcing laws unreasonably about such private complaints, may be is considered insignificant, less of importance. anyway, though my querries have not been properly resolved, may be considering of other country, but this was an attempt to safeguard people of this part (USA) from similar scamsters/frauds in advance, being a well wisher of this country. thanks very much for allowing me to continue.......Sk
Posted: Fri Jun 04, 2010 09:21 am Post Subject:
Well, that certainly makes this whole exercise in futility as crystal clear as mud.
Posted: Fri Jun 04, 2010 10:32 am Post Subject:
Well, that certainly makes this whole exercise in futility as crystal clear as mud
Splain it to me Lucy would ya? geeeeeeeze
but this was an attempt to safeguard people of this part (USA) from similar scamsters/frauds in advance, being a well wisher of this country. thanks very much for allowing me to continue.......Sk
Look SK, thanks for concern, buuuuuuuuuuuut, wouldn't happen here SK, just wouldn'tPosted: Fri Jun 04, 2010 11:16 am Post Subject:
Well, I've heard of different product offers with such free-look periods. Insurance carriers are supposed to return whatever you've paid initially. They're only allowed to deduct certain amounts for health tests, billing etc.
Posted: Fri Jun 04, 2010 05:14 pm Post Subject: freelook cancellation not acted upon by the insurance co
sorry max, sorry lori, sincere apologies. Under constant threat from the insurance company, application of mind is not taking place properly. I am mentally injured. Having admitted that, I still have to say that my question is not properly and specifically answered by you w.r.t. USA laws, rules and regulations. I put my limited questions serially once again :
1.What is the date to be considered for submission of freelook cancellation notice : a). the date I handed over the application/notice to the company sales manager (agent) or b) the date company issued their acknowledgement; 2.Status Quo and Suspense is maintained by the company, as 50 days have passed for my notice, but still 7 days are pending for the time granted by authorities. Is such Suspense tolerable ? time to issue refund may take 10 minutes or say 10 hours, when the matter is before authorities, top most priority is given. than why wait for the last date ? intentions of the company are bad, to harass wrongfully. What are the likely punishment to the company in such cases ? Any reasonable compensation to the 'insured' for being mentally tortured for 50 days ! Not paying interest after freelook period is bad. why should I suffer for this monetory loss ? Costs for this complaint to the authorities after taking shelter here and there to know the procedures, norms, rules etc.should be reasonably made payable. USD 125,000 is a big amount by all means. Retaining this amount (can it be called withholding illegally) under any circumstances,, for more than reasonable period must be termed and declared as unwarranted, unrequired and unreasonable, considering the pendency of the NOTICE on record and acceptance of the amounts as freelook-amount by the company, but delaying because authorities time granted is still in hand.
Company Zonal manager in one of his communication (e-mail) has confirmed the amount payable under the head - 'freelook amount'. 3. Till the company does not show their intention that they have accepted the notice issued by me and are in the process of returning the premium amounts back, till that moment, the fate of my Insurance should not hang in question. If a dispute is created by the company, adamancy prevails, my amounts are blocked for years - 30, 40 or 50 years (that is the time taken to get the dispute cleared here). Under the circumstances, compay gets double benefits - enjoying the amounts; not paying charges for using such amounts under the guise of pending litigation. No insurance benefits to pay to the insured, because he has issued ;notice' for freelook cancellation. Hence, my 3rd question is - why I should not be covered under Insurance, till paid (even though my notice is issued, but remains pending to be acted upon). This should be the added advantage conferred on the 'insured' for the faults of the insurance company, treating the insurance company has used, misused and abused the process of laws.
CITIBANK case is a clear cut case of non-enforcement of rules and laws. As the same citibank of USA would not dare to indulge in sending THUGS in USA, but will use each and every opportunity elsewhere, just because CITIBANK is afraid of the laws in USA and severe punishment which comes alongwith, if not enforced. As CITIBANK has used, misused and abused the process of laws, this insurance company may have learnt from the (mis)deeds of CITIBANK and therefore before such illegalities spread like wild fire, why not caution the people of USA to be more cautious, right max, kindly reply my 3 questions as deem fit.
regret inconveneinces, but thanking you in advance in anticipation of your positive prompt response, as usual.......Sk
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