Back dating insurance

He or she can have you sign a cancellation request, attach proof of your new coverage retroactive date and send both directly to your old insurance company, bypassing the old agent.

If that doesn’t work, then live with this relatively small expense, knowing full well that your old home insurance company would have had to pay at least 50 percent of any loss during the time when both policies were in force. Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions.

Here’s what happens in real life with your type of situation, assuming there have been no losses.

Most insurance companies are not under any obligation to issue a full refund, simply because they would have had to pay a claim, had there been one.

The first company kept its coverage in force, and when I provided a declarations page showing that I had duplicate coverage in force at the same time, the company refused to back date my cancellation to when I started the new policy. Depending on jurisdictional laws, each company would probably pay half — ,000 apiece.Additionally, where the backdating of an agreement affects the taxes that are imposed (or not imposed) on one of the contracting parties, courts will generally only respect the backdating provisions as between the contracting parties.A court will generally not enforce the backdating provisions as between a taxpayer and the applicable tax enforcement agency (such as the Canada Revenue Agency).Contact the Future Pension Centre to find out if you’ll benefit from voluntary contributions.You may also want to get financial advice before you decide to make voluntary contributions.

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