Canceling a Policy

[WGO]

Say a client pays on the 5th of the month and notifies their company shortly after that time that they wish to cancel coverage on the 15th. Will the insurance company refund the part of the premium that was for the last two weeks of the month?

 

[HoosierLife]

Say a client pays on the 5th of the month and notifies their company shortly after that time that they wish to cancel coverage on the 15th. Will the insurance company refund the part of the premium that was for the last two weeks of the month?

They should refund all of the premium. It should still be during their 30 day free look period.

 

[rousemark]

They should refund all of the premium. It should still be during their 30 day free look period.

That is assuming he is talking about new issue that just paid the first months premium. If he is talking about a policy that has been in force for some time, then there would be no refund made.. At least, I have never had a company make a refund in that situation.. They simply cancel the policy on the next premium due date.

 

[WGO]

I was talking about a replacement. Thanks for the help.