Definition of backdating insurance coverage

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Often used to make the age at issue lower than it actually was in order to get a lower premium.

If you turned 41 on May 1, then backdating a policy purchased on September 1 to April 1 can help you ‘buy’ the policy when you were 40 years old.To give you a few examples, one court determined that a suicide period in a life insurance policy ran from the date the policy was issued and not from the date of the conditional receipt because the court considered the policy and the receipt to be two separate contracts.If the date of the conditional receipt had applied, the suicide period would have expired and the insurance company could not have used it as a defense and would have had to pay the death benefit.Dates (not to be confused with the social encounter or the fruit) in the insurance world are critical.There are three specifically that are often confused with each other, but are highly crucial in insurance litigation.

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