Definition of backdating insurance coverage Live sex dating random
And that one year can make a big difference in the cost of your policy.For the most part, life insurance premiums increase as you get older.The insurer will either use your actual age or the age you are nearest to based on the birthday you’re closest to.Life insurance policies are issued at the your life insurance age.So having a life insurance age change during underwriting is most likely going to result in a higher final premium when the policy is issued.To prevent this change in premium, a policy may be backdated to save the previous age of the applicant.So let me fill you in on an industry secret…Most consumers are unaware that life insurance companies use your “nearest age” rather than your actual age to calculate premiums for your policy. Let’s say you turned 60 years old on October 1st 2016.
But various professional services and products can give rise to legal claims without causing any of the specific types of harm covered by such policies.That would have the effect of turning the car insurance industry’s risk-assessment-based business model on its head.Before long, there would be no car insurance industry and we’d all be paying for damages and injuries out of pocket.If you’re caught doing it you risk fines or imprisonment, as does the agent who agreed to do it.Backdating Life Insurance Policies What you pay for a life insurance policy is based in part of your age at the date of issue.
Search for definition of backdating insurance coverage:
Let’s look at how backdating affects different aspects of car insurance, health insurance and life insurance.