If my agent re-wrote my health insurance to get me a better rate, is it the responsibility of the agent or me, the policyholder, to cancel the insurance policy?
Total Comments: 3
Posted: Fri May 28, 2010 02:08 am Post Subject: Who is to Cancel Health Insurance
If my agent re-wrote my health insurance policy with another company, can the agent cancel my old policy without my written approval?
Posted: Fri May 28, 2010 02:26 am Post Subject:
No, you have to be the person to cancel. The insurance agent can call the insurance company all day and tell them to cancel the policy, they aren't going to do it without your approval.
Posted: Fri May 28, 2010 04:52 am Post Subject:
All good advice.
One suggestion- don't cancel the existing policy until the new one is actually issued and is acceptable to you.
If the new contract, for whatever reason isn't issued and you have canceled your other policy, you might have one heck of a time getting it reinstated. Especially if you were declined due to medical reasons. Also, remember that you might be faced with new pre-existing conditions exclusions and other limiting language in the new policy, depending on any number of different considerations.
Every state has laws that regulate replacement of life and health insurance policies. Depending on the state where you live, you likely should have received what are called "replacement documents" when you bought the new policy.
Posted: Fri May 28, 2010 02:08 am Post Subject: Who is to Cancel Health Insurance
If my agent re-wrote my health insurance policy with another company, can the agent cancel my old policy without my written approval?
Posted: Fri May 28, 2010 02:26 am Post Subject:
No, you have to be the person to cancel. The insurance agent can call the insurance company all day and tell them to cancel the policy, they aren't going to do it without your approval.
Posted: Fri May 28, 2010 04:52 am Post Subject:
All good advice.
One suggestion- don't cancel the existing policy until the new one is actually issued and is acceptable to you.
If the new contract, for whatever reason isn't issued and you have canceled your other policy, you might have one heck of a time getting it reinstated. Especially if you were declined due to medical reasons. Also, remember that you might be faced with new pre-existing conditions exclusions and other limiting language in the new policy, depending on any number of different considerations.
Every state has laws that regulate replacement of life and health insurance policies. Depending on the state where you live, you likely should have received what are called "replacement documents" when you bought the new policy.
InsTeacher 8)
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