Back dating

Posted by / 20-Nov-2019 12:48

Back dating

That would have the effect of turning the car insurance industry’s risk-assessment-based business model on its head.

Before long, there would be no car insurance industry and we’d all be paying for damages and injuries out of pocket.

The misrepresentation might be found in another document or contract, in response to a discovery request, or in a governmental filing.

One statutory provision, 18 USCS 10012, allows for criminal liability for specific false statements, including those who have a connection to certain credit applications.

It's surprisingly complicated to backdate written agreements effectively so they're retroactively enforceable.

This is true when there's a complex deal that has multiple documents and the retroactive date is a few months behind.

Insurance Policy Backdating, by definition, is the practice of putting a calendar date on any document that is earlier than the date on which that document was actually written. Backdating a car insurance policies is illegal and something no reputable insurance company or agent would ever do. Because it implies that you had coverage on your vehicle before you actually did.If you’re caught doing it you risk fines or imprisonment, as does the agent who agreed to do it.Free Auto Insurance Quotes Online What you pay for a life insurance policy is based in part of your age at the date of issue.However, you can't avoid the logistics of signing and negotiating contracts.Nothing is unethical or illegal about backdating contracts, but the specific situation can be illegal and unethical in itself.

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Potential pitfalls include the following: It's not uncommon for parties in a contract to want the agreement to cover a certain period of time before it actually gets signed.