Not to be confused with your insurance contract, a certificate of insurance’s purpose is to serve as an outline of your entire policy coverage. It is a document that contains the condensed form of the terms, conditions and duration of the insurance contract.
Your insurance certificate does not inform you about the insurance type effective during the entirety of your contract, but rather only during the time of its request.
Limitations of Your Certificate of Insurance
Statement from the Connecticut Insurance Department
A Bulletin S-14 was released in 2010 by the Connecticut Insurance Department, to remind every one of the Connecticut Unfair Insurance Practices Act at Conn. Gen. Stat. Sections 38a-815 and 38a-816. This law which punishes violators who issue bias statements about the benefits, conditions and term of the insurance policy. Guilty parties are subjected to fines, have their license revoked or suspended and instructs compensations according to Conn. Gen. Stat. Section 38a-817. It has remained until Public Act 14-74 was passed in 2014.
Rules Which Your Insurance Agents Must Follow
To help and assist to your needs, an insurance agent can only provide you with a certificate of insurance complete with details on what is in place during the request such as:
What your agent cannot do: