Is it necessary to refund insurance funds collected over years when an insured event fails to occur?
Insurance cover is usually given to clients with a view to compensating losses if and when the insured event occurs.
Most of the time, yes. If this is not done voluntarily by the party in receipt of the payment and future payments are due, the future payments are routinely offset by the initial overpayment or officially requested to be returned from the insured. If the insurance carrier is unable to recoup payments issued in error by either of the aforementioned means, the collections process or even an investigation to identify potential insurance fraud are initiated. If insurance fraud is identified, civil and criminal charges may be applicable.
For life insurance yes you could receive the fund collected over the years as cash value which could be very substantial, and be made as your passive income for lifetime in the form of annuity or just a lump sum proceed. Read my hub http://nagatang.hubpages.com/hub/Passiv … Cash-Value
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