General insurance 3 top reasons why an insurance policy can be cancelled

Augusta

VIP Contributor
As a policy holder of any insurance policies your policy with the insurance company can be cancelled if you default in any of these ways.

You are not paying your premium. When once you are not forth coming with your payment then it an Express way to getting your policy cancelled by the insurance company.

Your policy with insurance company can be cancelled if your present policy no longer cover your present needs. You. Might need a bigger insurer for your situation then a bigger coverage might be provided for you which will need you paying higher premium

Thirdly, if you alter a part of your policy without letting your insurer know about it can bring a cancellation. Especially if the change comes with an impact that can't be handled by the insurance company

So what other factors can make an insurance company cancel a policy?
 

btaliat

VIP Contributor
Thanks for this article. It can also be canceled if you insure with another insurance company under the same policy without informing the former partner. If the person dies as well and no one is willing to continue with the policy. All these are more are what can end the insurance policy.
 

Chibson

VIP Contributor
Whenever you want to go in to any insurance platform to buy a premium, and then you will definitely need to be renewing it as at when due in order not to get it cancelled. It is also very important you keep the agreement between you and the insurance company.
 

Wisdom01

Valued Contributor
I think if the person should involve in any tricky way and fraudlent practices the insurance company might choose to cancel the policy , because probably there have been a breach in the company terms and it's not acceptable to some extent I think ,so it can be cancelled for many reason
 

Mandy96

Valued Contributor
People could decide to cancel their insurance policy for some various reasons. Probably maybe the insurer is not being or taking active responsibility when needed of which the client is regularly paying the premium payment, this could make the person feel like the insurance company is or has cheated on him or her
 

btaliat

VIP Contributor
To avoid all these troubles of having insurance policy cancelled, it is better to make sure that one is well versed in the insurance policy that one is aiming at investing in. Aside this, there should be proper guidance from the brokers or agents as the case may be at times.
 

Wisdom01

Valued Contributor
People could decide to cancel their insurance policy for some various reasons. Probably maybe the insurer is not being or taking active responsibility when needed of which the client is regularly paying the premium payment, this could make the person feel like the insurance company is or has cheated on him or her
Yeah the insurer needs to be paying premiums for the policy cover to continue and not to be cancelled , because the insurance company need money they can't just cover the risk for free. They need more money to settle many other important things I think. That's their aim to make profit, so even if the person feel cheated he or she have to pay premium
 

Augusta

VIP Contributor
Yeah, but you know this is why there is the terms and conditions outline for one before engaging in any policy I think it is up to the person to now read and digest before agreeing to be part of it. no need to start a thing you don't really understand. you would be at the losing side. it is always good to have a broker that would put you through
 

Wiserr

Active member
As a policy holder of any insurance policies your policy with the insurance company can be cancelled if you default in any of these ways.

You are not paying your premium. When once you are not forth coming with your payment then it an Express way to getting your policy cancelled by the insurance company.

Your policy with insurance company can be cancelled if your present policy no longer cover your present needs. You. Might need a bigger insurer for your situation then a bigger coverage might be provided for you which will need you paying higher premium

Thirdly, if you alter a part of your policy without letting your insurer know about it can bring a cancellation. Especially if the change comes with an impact that can't be handled by the insurance company

So what other factors can make an insurance company cancel a policy?
That's completely true, that's the plain truth.
 

sincerem

VIP Contributor
You've said something worthwhile and informative for people who will be going to insurance yo know about before going on registering with any insurance company. Violating nthe insurance rules can simply get the insured losing his or her insurance right. The best is acting according to the terms of the insurance company and stay hopeful that immediately what you insured for, occurs you'll definitely be attended to.

I really don't know why an insured will just stop Midway through from investing in insurance when he or she has started already. At times many unforeseen circumstances can cause it and make the insured not to continue anymore when it comes to being under contract with an insurance company. As such, both parties move on, since the insured couldn't continue on the said terms and conditions due to financial difficulties and so on.
 

Augusta

VIP Contributor
Yeah this is why it is always important to read and agree with any transactions terms and conditions before embarking on it. you need to be sure of not only starting a thing but taking it to end to really be sure you would get the best out of it. if you don't Carry your insurance policy to the end you would lose
 

Dasryny

New member
I don't know what else could undermine our cooperation, but I try to read enough articles so I don't get fooled.
 
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