Backdating insurance definition Adult web cams finland
Backdated liability insurance provides coverage for a claim that occurred before the insurance policy was purchased.
Backdated liability insurance is not an insurance product frequently offered by insurers, since the insurer cannot be certain how much the loss will amount to.
So having a life insurance age change during underwriting is most likely going to result in a higher final premium when the policy is issued.
To prevent this change in premium, a policy may be backdated to save the previous age of the applicant.
Companies purchase backdated liability insurance coverage to protect themselves from risks that may arise from past business activities.
It covers possible gaps in coverage that are only discovered after a loss event occurs.
If the timing works out, we can sometimes backdate your policy and keep your life insurance age of the insured down by one year.
If you could do this, nobody would ever buy car insurance until after an accident happened.
That would have the effect of turning the car insurance industry’s risk-assessment-based business model on its head.
This is the opportunity cost of backdating, and in this case, the amount is equal to approximately .
It’s clear there’s a real advantage to backdating this policy.