[NA]Life Insurance general q[NA]

[Let'sgoflying!]

So with many policies, such as aviation/car/home, if you no longer need the policy there is often an unearned premium refund.
If the policy renewal is Jan 1 and you sell midyear, you can apply for a around 1/2 premium refund. Found this applies to a long-term care policy on a deceased person.
What about life insurance. Surely you do not need to apply for a refund on premiums paid earlier in the year, when you have already notified the company of a death? I would hope they are going to figure the proration, add the unearned part to the benefit paid out?

 

[SCCutler]

I imagine you'd need to read the contract of insurance, but I have never heard of refunding partial-year premium in the event of the insured's passing and payment of the death benefit.

 

[Let'sgoflying!]

Ah, an feature that does not apply to life insurance, thank you counselor.

 

[SCCutler]

I have heard of life insurers which are trying to weasel out of paying the benefit refunding premiums paid. Usually when death occurs under unusual circumstances.