Flipboard Should you buy a back-dated insurance policy? You could make money by investing in the right stocks via back-dating an insurance policy. ET Bureau Updated. Feb 24, 2014, 08. It could be a birthday, wedding anniversary or any other date with emotional value. You could make a lot of money by investing in the right stocks. Back-dating of a life insurance policy is a perfectly legal and standard practice in the insurance industry. So, the new plans launched by insurance companies in the past 1-2 months can be bought with any date in the financial year starting 1 April 2013.
backdating health insurance cancellationUpdated Jan 18, 2018 What is Backdating Backdating is the practice of marking a document, whether a check, contract or other legally binding document, with a date that is prior to what it should be. Backdating is usually disallowed and even can be illegal or fraudulent based on the situation. There are certain situations, however, when backdating is acceptable; however, the parties involved must agree to it. On April 30, a taxpayer, who has forgotten about the April 15 deadline to make a tax-deductible IRA contribution for the previous tax year, backdates a check to April 1 and mails the check to her financial advisor. On July 4, a car owner, who did not pay his car insurance premium for July, crashes his car into a parked vehicle while texting.
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