Insurance is an agreement between the insurer and the insurance company. The agreement is such that the insurer will be paying a premium every year to the insurance company and the insurance company in return will be accepting to pay for the loss due to the damage that can possibly occur in the insured object. The insured object can be a person where one’s life is insured and it can go up to the extent of insuring one’s car or one’s house. The insured object will be covered under the insurance policy. The question asked here is will your insurance agent cancel your insurance policy if you make a late payment. The answer to this question is a straight forward no. This is because of the fact that the insurance agent will get commission only if we make the payment and hence he will not cancel our policy at any cost. It is also a fact that the insurance company only has the power to cancel our policy and not any other agents.
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