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Yes, it certainly can. In fact, even a policy that has been issued may be withdrawn. Here’s how and why:In the Property and Casualty (P&C) world, where policies cover material items and legal issues, a quote may be issued by an agent in the field, only to be subsequently withdrawn by the insurance company. This may occur for a variety of reasons: perhaps fraud on the part of the buyer is discovered, or perhaps the risk was not properly assessed.Life insurance quotes are based on information provided by the proposed insured, and the figures reflect this. Often, however, we misjudge our own state of health, or even height and weight. If the agent then determines that the person requesting the quote has misstated his age or weight (for example) then the quote will be null and void. In any case, the insurance company itself is never bound by a quote which is, after all, merely an estimate based on what the prospective client has stated.Another example would be disability (or paycheck) insurance. These quotes are based on not only a person's health, age, height and weight, but their occupation and income. Change even one of these factors and the quote becomes null and void.
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What happens when your car insurance is cancelled by the insurance company?
What happens is that you get a new insurance policy, possibly with another insurer. Any unearned premium will be returned to you by your insurer.
Who is the principal of a common law insurance broker in an insurance transaction?
Insurer
What Must An Insurer Obtain In Order To Transact Insurance Within A Given State?
An insurer must obtain a license from the Department of Insurance of the state in which they wish to transact insurance in order to operate legally. This license ensures that the insurer meets the state's requirements and regulations for offering insurance products to consumers. Failure to obtain this license can result in fines or penalties for the insurer.
What is a direct insurer?
A direct insurer offers insurance products directly to the public; it does not use any intermediaries.
Is there a way to get free life insurance quotation?
Yes,it is possible to get a free life insurance quotation. All you have to do is go to an insurance company like Geico and they offer free quotations there.
What is the difference between insurer and insurance company?
Nothing
What are the benefits of purchasing direct car insurance?
Yes, there may be benefits to purchasing car insurance directly from an insurer over the internet. Geico is a large internet insurer who provides car insurance at a discount.
What are the essential elements of Insurance?
One essential element of insurance is to shift the risk of loss of the insured item from the client to the insurer. Other essential elements include the insurer being open to a significant loss, distributing the risk over a number of policies held by the insurer, and the premium paid by the client to the insurer.
What is the difference between insured and insurer?
The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.
What is The different between insurer and insured?
The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.
Who is the registered agent for Frontier Mutual Insurance Company?
In order to transact insurance in a state, an insurer is required to designate the state Insurance Commissioner as agent for service of process (Registered Agent). Therefore, suits against the insurer must be served on the state Insurance Commissioner of the state in which the suit is filed. He/she then transmits the summons and complaint to the person designated by the insurer.
What does the Federal Deposit Insurance Corporation do?
It acts as an insurer of bank customer deposits. A+
