If I repeal an online Insurance policy (AD&D), shouldn't I get hold of a settlement of my premiums since I didn't use it?
How much can it cost to keep an insurance policy on the books?
Answers:
Insurance is a unexpected form of gambling. Consider the state lottery, if you have one. If you bet $1, you're betting a small amount that you'll seize rich. The state is betting a LOT of money that you won't. The state usually wins.
For insurance, you're betting a little bit of money that you'll seize dismembered or die. The insurance company is betting a LOT of money that you won't. They're pretty safe because they know you don't really want to get dismembered or die. (Hence they don't wage off for suicide because that's like rigging the lottery.)
Like the lottery, or having a bet table, the money you pay is good for one bet, one turn of the pedals, one ticket. In insurance, the money you pay is good for a spell of time.
You don't get your money back because you threw away your ticket, or you walk away from the table before the bet was finished. Nor do you find your premiums back because you didn't need the insurance payout. BUT... the insurance company is still liable for your coverage for that time spell.
So, the good news is, if you want to agree to THEM out of liability for the remaining time, they're usually pretty good about refund the UNUSED time remaining on your policy.
For the time that's already passed? Sorry, you bet that you'd get dismembered or die. You lost. So to speak.
maybe but doubtfull and if yes, singular for the time left on the policy - not the entire amount
Related Questions:
Answers:
Insurance is a unexpected form of gambling. Consider the state lottery, if you have one. If you bet $1, you're betting a small amount that you'll seize rich. The state is betting a LOT of money that you won't. The state usually wins.
For insurance, you're betting a little bit of money that you'll seize dismembered or die. The insurance company is betting a LOT of money that you won't. They're pretty safe because they know you don't really want to get dismembered or die. (Hence they don't wage off for suicide because that's like rigging the lottery.)
Like the lottery, or having a bet table, the money you pay is good for one bet, one turn of the pedals, one ticket. In insurance, the money you pay is good for a spell of time.
You don't get your money back because you threw away your ticket, or you walk away from the table before the bet was finished. Nor do you find your premiums back because you didn't need the insurance payout. BUT... the insurance company is still liable for your coverage for that time spell.
So, the good news is, if you want to agree to THEM out of liability for the remaining time, they're usually pretty good about refund the UNUSED time remaining on your policy.
For the time that's already passed? Sorry, you bet that you'd get dismembered or die. You lost. So to speak.
maybe but doubtfull and if yes, singular for the time left on the policy - not the entire amount
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