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Originally Posted by fredr123
Maybe I'm not understanding what you're saying.
So an insurance company will sell a policy to someone with a family history of heart disease. Presumably, they'll accept the premium payments and everything. But then when it comes time to make a claim under the policy, it's denied on the basis of this information?
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Not sure if insurance companies do that or not, but if you buy mortgage insurance from a bank, you might run that risk...
CBC had something on this a while back...
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the bank staffers selling mortgage insurance are unlicenced and rarely trained to explain the details and legalities of those insurance products. The result is people who pay premiums and think they are covered, only to realize later that they are not.
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http://www.cbc.ca/marketplace/2008/02/06/in_denial/