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Quote Unquote – Vol. 12.5

March 6, 2012

Q) “I pre-paid my premiums with post-dated cheques and one month I had insufficient funds and my insurance was cancelled, is this right?”

A) Yes. An insurance company will send you a registered letter giving you 15 days (in most provinces) to make the payment. If the replacement payment is not received by the company within the 15 days, your policy will be cancelled.

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