Hello All--

I know, I know--the issue of which chart to use is always vexing . . .

Recently, I posted a question about an electional chart for an insurance policy. One of the respondants said that I should consider using the time the policy was first paid for as "the" chart. I've done a little researching and here is what I have come up with:

When I first applied to the company, I agreed to allow them to automatically debit my bank account for the first month's premium once the policy had been approved. I gave them my bank info at the time I applied. However, they did not actually draw on the account because the underwriting took some time to complete.

The policy became effective in mid-August. However, because of the lengthy underwriting and documents crossing in the mail, my account was not debited for the premium until the end of August.

I know the exact time of the policy's effective date. I know the date of the debit, but not the exact time. I called the bank to ask them if they could tell me when the debit cleared, and they said that it was probably around 8:30am, but they are only 50% sure that is the time. They don't keep time records for this type of transaction, but the teller told me that auto debits usually clear in the morning.

So, is the chart for the time of the debit clearing "the" chart? Or should I use the chart for the time the policy became effective?

I just don't know. On one hand, I can't use the policy unless it is paid for. On the other hand, there would be nothing to pay for unless the policy were effective--that is, unless I had been cleared as eligible for the policy.

I am also leary of using a time that may not be accurate. Since I know the exact time of the effective date, I am more comfortable with that time.

I still don't think I can use the time that I first applied for the policy, when I gave them permission for the auto debit. No money changed hands. I could have withdrawn my permission at any time until the effective date, and there would have been no policy.

Any thoughts would be appreciated. Thanks.

didn't you have to sign the policy? i would see that as the moment you were legally committed and hence the real beginning. or didn't your application signature have any legally binding value? that would surprise me.

It all sounds a little confusing... How about taking the time at which the policy became effective? This would be the "birth" of the policy, as it were. I'm assuming it wouldn't be effective until you'd paid for it... or maybe not... Just my thought!