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Frequently Asked Questions - Life

An agent came to my house and I signed an application and paid premium. I would like to discuss this with family or friends before I decide whether to keep the policy. What can I do?

You have 10 days from the date the policy is delivered to you to look the policy over. If you decide you do not want to keep the policy return it to the company or agent and request a refund. You do not have to explain why you do not want to keep the policy. 24-A M.R.S.A. § 2515-A.

What are the possible effects of concealing information from the insurance company on an application for life insurance?

You may jeopardize your coverage (a policy cancellation or nonrenewal could result) as well as payment for claims if the concealment is "material," meaning that it would have an effect on the insurance company's willingness to provide you with insurance. Answer all questions honestly, to the best of your ability. To see exactly what Maine law says on this issue, see: 24-A M.R.S.A. §2178, §2179, §2186, and §2187.

Why is the insurance company not returning all of my premium?

A law enacted in 1998 states that life/health contracts must disclose company policy on applications about returning premium and also when you request cancellation of your policy. Also Medicare supplement return premium is at the discretion of the company. 24-A M.R.S.A. § 2453.

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Last Updated: August 22, 2012