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Can your agent change your premium price after you paid the premium in full I paid for a 6 month policy IN FULL and the 45 days later my agent said I owe 192 more due to HER mistake Is it LEGAL?
Wiki User
∙ 13y ago
In most US states an Insurance Company has 60 days from policy inception to properly adjust a premium. Most often a premium change is the result of some unknown factor at policy inception, Usually undisclosed tickets or accidents on the part of the drivers on the policy.
Wiki User
∙ 13y ago
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Can the legal guardian of a comatose patient change the beneficiary on a life insurance policy?
No, not unless the legal guardian is the owner of the policy. 4lifeguild
Can a life insurance company deny term life death benefit if premium was in default and benficiary was not notified?
To begin with, there is no obligation for an insurance company to notify a beneficiary of the status of the policy or any changes to it. A policy is a contract between the insurance company and the policyowner only. If the insured has died after the policy terminated due to nonpayment of premium, should an insurance company choose to do so, they may make some minor payment to the beneficiary, perhaps part of the premium paid. However, they are under no legal obligation to do so and most companies will not pay a death benefit on a terminated policy.
What is Difference between ignorance of the law and mistake of law?
There is no such legal finding or terminology as "mistake of law."
Is it legal for insurance premiums to exceed insurance face amount of insurance policy?
Yes, it is legal and can occur in some rare situations when the iten being insured is of a low monetary value. As an exapmle, If you wanted to insure a 30 teddy bear. The actual premium may only be a few dollars but most Insurance policies also have an associated policy production fee with property coverage policies that can be anywhere from 30 dollars to 100 dollars as well as what are referred to as minimum premium. Your state also wil generally have premium tax and fees that must be attached to your policy. Resultingly one could wind up paying anywhere from 50 to a couple of hundred dollars to insure that 30 dollar item.
What is the tretment of Joint life policy premium?
A partnership firm may decide to take a Joint Life Policy on the lives of all partners. The firm pays the premium and the amount of policy is payable to the firm on the death of any partner or on the maturity of policy whichever is earlier. The objective of taking such a policy is to minimise the financial hardships to the event of payment of a large sum to the legal representatives of a deceased partner or to the retiring partner.The accounting treatment for the premium paid and the joint life policy may be on any of the following ways:1. When premium paid is treated as an expense:- When premium paid is treated as an expense the it is closed every year by transferring to profit and loss account. In this case complete amount received from the insurance company either on a surrender of policy or on the death of the partner becomes a gain.Accounting entries are:a. On payment of premiumJoint Life Policy insurance premium a/c ...DrTo Bank A/cb. On Charging to profit and loss accountProfit and Loss account ...DrTo Joint Life Policy insurance premium a/cc. On the maturity of the policyInsurance company/ bank a/c ...DrTo partner's capital a/c (individually){including the a/c of representative of deceased partner}2. When premium paid is treated as an asset:- In this case insurance premium paid is first debited to life policy a/c and credited to bank a/c. At the end of the year the amount in excess of surrender value is treated as a loss and is transferred to profit and loss a/c. In this case the amount received from the insurance company inn excess of the surrender value results in a gain at the time of receipt of such amount which is transferred to Capital accounts of the partners in the profit sharing ratio.3. Creation of Joint Life Policy:- Under this method, premium paid is debited to policy account and credited to bank a/c. At the end of the year, amount equal to premium is transferred from Profit and Loss Appropriation account to Policy reserve account. After this, policy account is brought down to its surrender value by debiting the life policy reserve account with amount which exceeds the surrender value of the policy. Thus, in this method, policy account appears on the asset side and policy reserve account appears on the liabilities side of the balance sheet until it is realised. This method is different from the method discussed in 2 only in respect of reserve account.On the death of a partner Joint Life Policy Reserve Account is transferred to Joint Life Policy account and then the balance is transferred to Partner's capital accounts.
How do you get a minecraft premium account free?
There is no LEGAL way to get a free premium Minecraft account. Please just buy it, it's worth the money it costs.
How often can an insurance company inspect your home?
There is no legal limit. Most insurance companies will inspect the property at policy issuance and at policy renewal. But they can inspect it at any time they perceive a potential for a change in risk factors.
How long do you have to notify your insurance agency of an address change?
There is no legal time requirement, but if you want to receive your policy renewal it would be smart to let them know.
Is policy manual a legal document?
yes
Is it illegal or unethical for a company to change its privacy policy without notifying site users?
definitely unethical . . . illegal? probably depends on location. Consult an attorney for a legal opinion. My legal opinions are worth what you pay for them . . . nothing.
Can you use a same-sex marriage certificate to change your name on your Social Security card?
Yes. The Social Security Administration will accept your same-sex marriage certificate as legal proof of name change, as long as that document is legal in the state where it was issued. (See link to explicit SSA policy.)
What are legal activities through which citizens can change public policy?
Communicate with your legislators, write letters to the editor, demonstrate, fund-raise for sympathetic office seekers, VOTE.
