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Q: You have been overpaid by a insurance company can they claim it back?
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In insurance what is the principle of contribution?

a person can get same subject-matter insured by more than one insurance company. In case of loss he will be, jointly and proportionately, compensated by all insurance companies so that claim amount do not exceed actual loss. This is relevant in non-life insurance. Say for example; if a person holds two fire insurance policy on same building and he incur a loss of Rs 50,000 due to fire. he can not claim Rs. 50,000 from each insurance company rather both insurance companies will jointly pay Rs.50000 in certain ratio (may be 1:1 or in ratio of their premium or insurance policy amount, etc...) in case if one insurance company paid whole amount of claim, it has a right to call other company(s) to contribute/pay back their share


Your car was recently totaled by insurance company can you buy it back from the insurance company?

I totaled my Mustang and was able to buy it back from the insurance company. They gave me the Blue-Book value less my $500 deductable. They would not insure it after I repaired it, I had to switch insurance carriers to get coverage.


Can life insurance benefits be seized by the IRS for back taxes?

Almost any asset you have can be seized by the IRS on a claim or judgement.


How can I find out if a letter stating there is unclaimed moneys are held for me from union fidelity life insurance company of new york are legitimate?

How do I trace the original insurance company of union fidelity life if it goes back 45+ years?


How do you find the life insurance company that you paid into for 3 yrs you have lost the policy and dont remember who the life insurance company was?

Can you go back and see if you can find any paperwork at all? Find any trail of the payments you made? Maybe your bank can help. Where did you buy it? Go back and talk to the agent. Even if you did find out what company, the policy is probably in a laps and to reinstate it will cost more than buying new insurance uinless your health has changed for the worse. You can call the insurance company and they usually can find your policy by social security # and DOB.

Related questions

Can you claim your tax back?

You can file an income tax return and if you have overpaid tax for the year then yes you will get the overpaid amount back.


How does one reclaim overpaid taxes?

To claim back overpaid taxes, one needs to work out exactly how much is owed using the tax calculator. After this, contact HM Revenue and Customs who will deal with the claim.


Can you take back a claim once you submitted it to the insurance company?

You can take back a claim for damage to your own property. You can't take back a claim where you are liable for damage to another party.


Is there a way to obtain someone's homeowners insurance after a fall if they are not willing to provide it?

You cannot go behind someone's back and file a claim on their insurance. If it is a major injury you can file suit and they will have to provide it to their insurance company so that the insurance company will defend them or settle the claim. This is to force the issue.


If your auto is hit the other driver's auto insurance pays all medical expenses and so does your health insurance must you reimburse your company?

You do not have to reimburse your insurance company if the accident is the fault of the other driver and the claim is made on their insurance. If the accident is the fault of the other driver and their insurance does not cover everything and you make a claim on your insurance for reimbursement, your insurance will subrogate (collect back) from the other company.


Can a mortgage company keep the unused portion of insurance claim money when the job is completed and inspected in tennesse?

No. It would have to be sent back to the insurance company if they paid too much.


Do i have to tell my insurance company about Second Life?

When applying for life insurance you need to always answer the applications correctly and honestly or a claim may be denied. If you purchase new life insurance you do not need to go back to your already in force insurance company and advise them.


If I am a beneficiary on a life insurance policy and owe back taxes or have filed bankruptcy will the insurance company hold the check?

No, they will pay the claim to you and then you will be able to do what is fiscally responsible.


Can you get your insurance company to look back and reevaluate a claim they denied years ago?

You may be able to but it isn't very likely.


How Life insurance claim process does works?

Insured person dies. You (beneficiary) call insurance company and place a claim, they send you paperwork, you fill paperwork out and mail back with death certificate, Claim is paid in a few days to a few short weeks.


Can you file a claim on both insurance companies yours and the party at fault in an auto accident?

Yes, you can. However, ultimately it is the at fault party's insurance company that will pay for the claim. In such a case, you will file a claim under your collision coverage and be subjected to the deductible. Once the claim is settled, your company will subrogate the loss with the other company(i.e. get reimbursed). Once that happens, you will be provided your deductible back. If you go through the at fault party's policy, you would file the claim under the property damage of the policy.


If you get your claim money for damages to your house from the insurance company and find a contractor to do the work for less can you keep the extra money from the claim?

Yes, you can keep the extra money you saved by finding a contractor to do the work cheaper than what the insurance company estimated. The insurance company prepared an estimate of the damage. If you could not find a contractor to do the work for what the insurance company estimated, you could ask them for more money. If they chose to pay you for the damage before it was fixed, they cannot ask for it back if you got the work done cheaper.