Backdating in usa dating site trusted
Let’s look at how backdating affects different aspects of car insurance, health insurance and life insurance.
If you could do this, nobody would ever buy car insurance until after an accident happened.
If you’re caught doing it you risk fines or imprisonment, as does the agent who agreed to do it.
Free Auto Insurance Quotes Online What you pay for a life insurance policy is based in part of your age at the date of issue.
The commonwealth-trained (and more prudent) approach would be to insert the date only when the last party has signed and to use a date no earler than the date of that last signature.If the insurance contract is only signed and completed after some delay on the insurer's part in processing it (such as misplacing the paperwork after agreeing to the terms of the contract), the insurer may backdate the policy as a way of rectifying this.When a policy is backdated, the insured may be required to pay premiums for the backdated coverage.The insurer will either use your actual age or the age you are nearest to based on the birthday you’re closest to.It is legal to backdate a life insurance policy by up to 6 months to help you get the lowest rate allowed for that age.
However, the claimant normally needs to demonstrate good reasons for waiting to file a claim or for not being insured before the loss.