mimayave00
New Member
- 1
I would just like to ask if an insurance company is allowed to make
memorandum of agreement with another company with the policy term of
12months starting noon of the inception date. Say for example, Company
A is a lending institution and had an agreement with Insurer X for its
group insurance. Company A and Insurer A both signed the MOA on
November 30, 2014. Now, a group of clients with six months loan term
availed of the insurance on November 15,2015. A claim arises on
December 15, 2015. Insurer A denied the claim and referred to the MOA
that the policy term shall only be for a year, which in their case
ended on November 30, 2015.
Is that allowed? Clients paid on November 15,2015 for six months
coverage of insurance and it has only been a month when a claim arises
and the Insurer denies to do its part because of the MOA. Please
enlighten me with this matter.
Thank you.
memorandum of agreement with another company with the policy term of
12months starting noon of the inception date. Say for example, Company
A is a lending institution and had an agreement with Insurer X for its
group insurance. Company A and Insurer A both signed the MOA on
November 30, 2014. Now, a group of clients with six months loan term
availed of the insurance on November 15,2015. A claim arises on
December 15, 2015. Insurer A denied the claim and referred to the MOA
that the policy term shall only be for a year, which in their case
ended on November 30, 2015.
Is that allowed? Clients paid on November 15,2015 for six months
coverage of insurance and it has only been a month when a claim arises
and the Insurer denies to do its part because of the MOA. Please
enlighten me with this matter.
Thank you.
