by dan1157 » Wed Jan 14, 2009 12:12 am
we recently purchased a life insurance policy and decided to cancel it during our right to review and cancel period. the policy said to notify our agent within the right to review and cancel period and our premium would be refunded. we notified our agent in writing and email, but he never contacted the insurance company to cancel the policy. we have sent the insurance company documentation from our agent indicating he cancelled the policy within the right to review and cancel period. what are our chances of getting our premium refunded?
Posted: Fri Mar 11, 2011 09:38 pm Post Subject:
Okay - follow up question - what if I had paid the initial premium AND an application fee which is meant to cover the administrative expese of processing the application - doesn't the ins. company get to keep the application fee?
Posted: Fri Mar 18, 2011 05:15 am Post Subject:
what if I had paid the initial premium AND an application fee which is meant to cover the administrative expese of processing the application
I don't know of any life insurance company that charges a separate "application fee". Most state laws prohibit an insurance company for directly charging a person a fee for any underwriting expenses.
In other lines of insurance, brokers may add a layer of fees on top of any premiums charged by the insurance company. As far as I know, this is prohibited by all states in life insurance sales.
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