How about if this concerned legislator does the same thing with the credit card companies who impose considerably larger late fees, increase your interest rate and reduce your credit rating?
I agree with the “postmark”..as agents, sometimes we have to accept payments on the day before they are due. Not all Clients have that luxury of paying thier bills 4 or 5 days in advance. I think if this is passed it will lower the Cancellation percentages.
In theory, As an Insurance Agent. I agree that there are some Insurance Companies that do take advantage of the U.S. Postal system in regards to late fees, However I think the bigger issue is more so on the cancellation of policies from Insurance Companies when the premium is clearly postmarked prior to cancel date and the insurance companies do not accept the payment as paid on time unless it is actually entered into there system prior to the date of cancellation.
On the other hand, how many insureds hold their payment to the last minute? They show up at my office, and I charge them my own $5 handling fee. Does the electric company keep their lights on? Does the phone company not shut off their phone? Does the cable company not pull the plug? The payment is late, the fee is simply an additional fee for the courtesy of extending the due date.
How about if this concerned legislator does the same thing with the credit card companies who impose considerably larger late fees, increase your interest rate and reduce your credit rating?
PSU1 – couldn’t agree more with your comments.
I agree with the “postmark”..as agents, sometimes we have to accept payments on the day before they are due. Not all Clients have that luxury of paying thier bills 4 or 5 days in advance. I think if this is passed it will lower the Cancellation percentages.
In theory, As an Insurance Agent. I agree that there are some Insurance Companies that do take advantage of the U.S. Postal system in regards to late fees, However I think the bigger issue is more so on the cancellation of policies from Insurance Companies when the premium is clearly postmarked prior to cancel date and the insurance companies do not accept the payment as paid on time unless it is actually entered into there system prior to the date of cancellation.
On the other hand, how many insureds hold their payment to the last minute? They show up at my office, and I charge them my own $5 handling fee. Does the electric company keep their lights on? Does the phone company not shut off their phone? Does the cable company not pull the plug? The payment is late, the fee is simply an additional fee for the courtesy of extending the due date.