General insurance Can Insurance Company Cancel Your Policy?

[kayode10]

Insurance has been a lifesaver for a lot of people in different aspects.

For instance, someone who does property insurance pay his premium regularly. If anything happens to the properties which the clients insured, it is very certain that insurance company are going to provide the lost property for their clients.

The same thing goes for the auto insurance, the insurance company are going to provide back the car which you insured with them if you are paying your premium.

Life insurance make it pretty much easier to attend to your health without spending a fortune. The benefits of insurance is enormous.

I have heard on the last that some insurance companies cancel the policy of their clients. So I want to ask that is it true that insurance can cancel the policy of clients and why are they doing so?

 

[btaliat]

I don't think an insurance can cancel your the insurance policy without the knowledge of the insured. Insurance is an agreement and there should not be breached between the two parties. But if there is need to break the agreement, then it must be done through a legal way before it can be done.

 

[Mika]

Once the documents are signed and sealed by the two parties, the insurance company, and the insurer, the policy cannot be canceled at any time. The only cause for the cancelation of the policy by the insurance company is when the insurer misses paying two premiums. The insurer can cancel the policy at any time.

 

[Mandy96]

I think they can cancel one’s policy if the insured does not keep to the agreement. Let’s say an insured stop paying the premium, if this should persist, eventually the insurer will have no choice than to cancel it. Although I have never been in a situation like that before

 

[Good luck]

It is possible for an insurance company to cancel your policy if you are not meeting up with the premium you are suppose to remit to the company as at when due,they will not have a choice than to remove you from their plan but they would have given you series of notice to notify you of their plan to avoid any confusion or issues.

 

[Wisdom01]

Yeah they could do that , most especially if the client actually don't follow their rules or breach their agreement ,then the policy could be terminated and each parties would move towards a different directions ,so what matters most is the agreement and others of the parties too I think ,

 

[kayode10]

@Mika I agree to your submission to some extent. But what if the client put down some fake data when they are filling up forms for the insurance policy and insurance company later find out about the truth. I have had this one time when someone complained that his insurance policy was cancelled due to his marital status.

 

[sincerem]

Any insurance company that does that, is fraudulent indeed. Insurance companues doesn't do that, when you've agreed with them over a certain policy you're protected by the policy plan and no cancelation unless otherwise occurs. Itlf you break their rule, cheating on them trying to gain quickly from the policy, that's when they have the right to cancel your plan.

 

[Jamoflondon]

I think it might be possible for insurance company to cancel one’s policy if some cases do arrive, like if you do not keep to the agreement that guides the policy you opted for, for example, if you don’t pay the premiums anymore, it could eventually force the insurer to terminate your policy with them

 

[Lens1000]

The insurance policy terminate when the policy holder bridge the agreements. For instance, if premium stops , the policy stops automatically. It's the duty of the insurance company to call the policy holder for a round table discussion before the the final cancellation. It should be a mutual agreement between the insures and the insurer. It's not a one way thing.