What is the policy regarding refunds for continuation fees?

The policy regarding refunds for continuation fees specifies that these fees are not refunded except for instances of duplicate payments. This means that policyholders can expect that once they have paid a continuation fee, that amount is typically retained by the insurance company or entity, reflecting the administrative costs and resources already committed for the continuation of coverage or services provided.

The focus on no refunds, aside from duplicate payments, indicates a standard practice in the industry aimed at maintaining financial stability and ensuring that fees contribute to the ongoing operations and services of the organization. This policy discourages frequent or frivolous cancellations and refunds, which could negatively impact the administration of insurance policies and services.

Understanding this aspect of policy management helps adjusters convey accurate information to clients and handle any related inquiries about fee structures effectively.