jeffdcar
Expert
- 45
I have a client that paid annual for their Colonial Plan F. I will be switching them to a different carrier Plan F. Is it safe to say CP will have to refund the client for the months they will not be w/ CP?
Paid Annual for Colonial Penn Plan F
- Thread starter jeffdcar
- Start date
- 29,483
I doubt it. The only carrier I know of that'll do a pro-rated refund is Gerber. Most people pay MBD anymore, so you don't run into it very often.
- 11,280
You are joking?
- 6,994
Won't they? I replaced a MoO policy where the client was paying quarterly and they refunded one months unused premium.
- 11,280
I think goillini may have hit his drink limit for the day...
- 29,483
Times must've changed. Years ago a person had to wait until their time was up...but that was in the days when they could carry more than one Supp or have them overlap by 6 months.
Like I said, I rarely run into anybody that doesn't pay by MBD anymore. I ran into one that paid by the year with Gerber, so I called and found out that they would. If I run into any more, I'll have to call and check.
Hiccup....
Like I said, I rarely run into anybody that doesn't pay by MBD anymore. I ran into one that paid by the year with Gerber, so I called and found out that they would. If I run into any more, I'll have to call and check.
Hiccup....
They likely will, but you're better off having the client call customer service and ask. If they tell the customer yes, then you aren't the bad guy if they don't. But it's been my experience that most carriers will (at least the carriers I've dealt with in this same situation).
- 2,177
The client is owed a refund for any amount paid beyond the termination of coverage date. It's not the carrier's decision.
- 29,483
The termination of coverage date would be the date that it's paid to. So, if it's paid to 01/01/2016 isn't that the termination of coverage date?
The termination of coverage date would be the date that it's paid to. So, if it's paid to 01/01/2016 isn't that the termination of coverage date?
Not if the insured calls and requests coverage to terminate at an earlier date due to securing coverage elsewhere. Some carriers require proof of other coverage to terminate prior to paid to date.
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