These questions are provided by the Maine Bureau of Insurance as a general guidance. These questions and answers are not intended to give specific information relating to particular situations nor are they intended to provide legal advice.

For more information, visit our section on Life Insurance - http://www.maine.gov/pfr/insurance/consumer/individuals_families/life_annuities_viaticals/index.html

Life Insurance FAQs
Topic Frequently Asked Questions
Concealing Information on an Insurance Application What are the possible effects of concealing information from the insurance company on an application for life insurance?
Premium Not Returned in Full Why is the insurance company not returning all of my premium?
Time to Decide to Keep Policy after Signing Application and Paying Premium 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?

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. 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. 24-A M.R.S.A. § 2453.

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.

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