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
by My Esoteric 4 years ago
By the time the dust settles, there will be more than 7 million paying enrollments into the Obamacare program through the Federal, State, and off exchanges. It also appears that the mix of young and old, while not ideal, may not be too bad; although that remains to be seen.What does it mean...
by Judy Specht 4 years ago
The question should not be who's to blame for AHCA, the question should be, "Is it working." Is there anyone out there who has signed up, had a good experience, received much cheaper healthcare than before?
by My Esoteric 4 years ago
Why do 74% of newly insured Republicans LIKE Obamacare?A recent Commonwealth Fund survey obtained those results, which are in line with several other polls.
by Earl S. Wynn 7 years ago
What, when it comes to insurance, is considered an “act of god?”
by breathe2travel 6 years ago
Is it ironic that govt which insists its citizens are insured don't require proof of citizenship/id?
by chazabling 7 years ago
im insured with elephant fully comp. am i able to drive any other vehicle even if the other car...is not insured?
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