Back dating insurance

17-Apr-2017 14:53

If the insurance contract is only signed and completed after some delay on the insurer's part in processing it (such as misplacing the paperwork after agreeing to the terms of the contract), the insurer may backdate the policy as a way of rectifying this.

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Market-linked plans cannot be back-dated* Insurance companies charge an interest on backdating policies.While you can’t go back in time when it comes to stock investments, you can buy certain life insurance policies with a back date.Back-dating of a life insurance policy is a perfectly legal and standard practice in the insurance industry.However, the claimant normally needs to demonstrate good reasons for waiting to file a claim or for not being insured before the loss.