When is an insurance premium owed?
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When is an insurance premium owed?
I changed health insurance companies and didn’t pay the next due premium to my old one – thinking that would cancel the coverage. I also sent a follow-up email albeit two week later, stating that I was cancelling their insurance, effective the last payment. Do I still owe for that last premium? They have sent me to collections.
Asked on September 26, 2013 under Bankruptcy Law, Colorado
Answers:
Terence Fenelon / Law Offices of Terence Fenelon
Answered 10 years ago | Contributor
A contract is valid until it is rescinded (cancelled). The failure to pay premiums on your part is not a cancellation of your obligation. I am afraid that you still owe thre premiums, just as the insurance company would have had an obligation of coverage until written notice of cancellation was sent.
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