Frequently Asked Questions - Life
An agent came to my house and I signed an application and
paid premium. I would like to discuss this with family or friends
before I decide whether to keep the policy. What can I do?
You have 10 days from the date the policy is delivered
to you to look the policy over. If you decide you do not want to
keep the policy return it to the company or agent and request a
refund. You do not have to explain why you do not want to keep the
policy. 24-A M.R.S.A. § 2515-A.
What are the possible effects of concealing information from the insurance company on an application for life insurance?
You may jeopardize your coverage (a policy cancellation or nonrenewal could result) as well as payment for claims if the concealment is "material," meaning that it would have an effect on the insurance company's willingness to provide you with insurance. Answer all questions honestly, to the best of your ability. To see exactly what Maine law says on this issue, see: 24-A M.R.S.A. §2178, §2179, §2186, and §2187.
Why is the insurance company not returning all of my premium?
A law enacted in 1998 states that life/health contracts must disclose
company policy on applications about returning premium and also
when you request cancellation of your policy. Also Medicare supplement
return premium is at the discretion of the company. 24-A M.R.S.A. § 2453.
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If you have any suggestions for things to be included here, please send them to Thomas.R.Michaud@maine.gov. Thank you for your suggestions and thank you for your patience.
