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Daniella R | How Does Back-Dating a Policy Work? |
My fire insurance cancelled my policy without informing me that they were gonna cancel my policy due to none payment. They said they sent out a letter, saying if i don't pay them by the 15th they were gonna cancelled. i never received this letter! So i just made the payment when i could..on the 25th...they got the payment on the 30th...& then returned a portion back to me. Just my luck...the property insured caught fire...and my policy was lapsed!!!
Someone had mentioned to get my rep to back date the policy? Can that be done? Is it legal? If so how do i go about it? |
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mbrcatz
 |
MOST insurance companies aren't going to backdate a policy. If they DO, they require a "no loss" statement. What backdating entails, is the rep lying to the company about the binding date, most of the time.
The company doesn't HAVE to prove you receive the cancellation notice, they only have to MAIL it to you. You DO have a "duty" to remember, "hey, I have to pay my bill!".
So, IF the company agrees to backdate the policy, it's legal. But why would they? They'd have to cover the loss! If the rep lies, it's illegal. Plus, once you file the claim, they'll figure out that the rep lied, and could well cancel for insurance fraud, and he'd lose his license.
Backdating DOES happen, with a 'statement of no loss' on a regular basis. But you can't PROVIDE that statement, without lying. Which would void the backdating.
I think you're going to eat this claim yourself. |
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Sue
 |
Well, the company sent you a bill probably 3-4 weeks before it was due, then sent you a cancellation notice. Just because you didn't receive it, does not mean it was not sent (by law, the company has only to show "proof of mailing" it does NOT have to be certified). Obviously you knew it was due because you "made the payment when you could on the 25th". What date did the property catch fire?? On the day you realized you were late, you should have called your agent to arrange payment, BEFORE you sent payment.
Anyway, at this point, that does not matter. What you are talking about is reinstating the policy, NOT backdating. Some companies, if the state will allow it will agree to reinstate a policy when paid AFTER the cancellation date IF 1-you have never done this before & 2- there have been NO losses. You would have to have signed a no loss statement saying there were no losses from the cancellation date until the date paid. Since there was a fire, you can't do that. It would be considered insurance fraud if you did and the company will NOT pay any losses that happened during that time and void the policy.
Next time, make sure you pay your bills on time. KNOW when your insurance is due (mark it on your calendar or put a reminder on your calendar in your computer) and if you do not get a bill (regular bill, not cancellation), call your agent & find out if a bill is due. I get this call all the time & I am happy to let my insureds know when their bills are due. Or, you can ask for a printout of your future billing schedule & go by that.
I think you have learned an expensive lesson about paying your insurance bill. Also, you will not be able to get new insurance until the damage from the fire is repaired. |
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sophieb
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I believe back dating in that situation would be illegal if you're merely trying to get the coverage to get the money. |
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Zarnev
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Insurance companies will send out one or two renewal letters. Then they'll send a letter stating that if you don't pay the premium the policy will be cancelled. Then they send the cancellation letter. I'm sure that you must have received at least one of these letters.
No agent is authorized to back date any policy. Sometimes if there are no claims the insurance company might authorize a back date but they certainly won't if there is a claim. Sorry, but I believe you are out of luck. |
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aaron p
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Wow, if you could backdate after the fact, I'd sell that all day long. |
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