If a life agent represents an insurer in the sale of an insurance policy without being appointed, the insurer has 14 days to notify the Commissioner of the appointment.
A rescission is distinct from a claim denial or a cancellation of a policy. When an insurance provider rescinds a policy, they are essentially saying that it never existed in the first place. The policyholder will be returned to the state they were in prior to the policy's entry, with all premium payments being repaid.
A rescission states that the policy was unenforceable from the outset for one or more reasons.
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