There are several disadvantages to not keeping insurance statements for a sufficient period of time. Firstly, if you need to make a claim, you may not have the necessary documentation to prove your coverage. Secondly, if you need to transfer your policy to another provider, you may not have the necessary evidence to do so. Finally, if you need to make a dispute with your insurance provider, you may not have the necessary evidence to support your case.
In the early 20th century, insurance policies were kept in the family home, often in a safe or a locked box. This was because insurance policies were seen as something to be kept and treasured, like a family heirloom. However, in today’s digital age, insurance policies are often kept electronically, making them easier to access when needed.
Categories: Insurance Statements, Disadvantages, History