Definition of backdating insurance coverage

01 Jul

Gender also plays a role in how much someone will be charged for life insurance coverage and the company will want to know if the person is -or ever was- a smoker for ratings purposes.

Some insurance companies issue a policy based on the applicant's actual age.

Exception Beijing-No Guangdong-No Jiangsu-No Shanghai-No Shenzhen-Exception Zhejiang-Exception Shenzhen-Yes, however, other exceptions may apply.

Please contact the local China office for details Zhejiang-Yes, however, other exceptions may apply.

If a July 1 renewal is bound June 28, premium would need to be wired that day or coverage might incept on July 3.

This is something to be aware of as more countries are taking this approach.

In a situation where the same person applies for a policy and will be having a birthday shortly after doing so, the insurance company may consider him or her to be one year older when calculating rates.

An individual who applies for a policy when he or she is relatively young will likely pay lower rates than someone who waits until their later years to get coverage.

Along with age, the insurer will look at an individual's health history and current health.

Please contact the local China office for details Exception Beijing-Yes Guangdong-Yes Jiangsu-Yes Shanghai-Yes Shenzhen-No Zhejiang-No Beijing-Back dating more than 180 days is not permitted.

Policies will not be issued if the producing office request is not confirmed within 180 days from the inception date Guangdong-Back dating more than 180 days is not permitted.