@Anonymous wrote:
I am new to the forum and just wanted to get general info about credit card protection. When using a credit protection benefit, due to unemployment, why do they ask for information from both the local state unemployment office and the ex-employer. Does the credit protection company actually verify all the information that you provide them with (forms, photo-copies etc.)?
(title only edited; this post was moved from its original spot at the end of another, unrelated thread)
Message Edited by Scamp on 05-11-2009 07:35 PM
Credit Protection plans are a type of insurance. Like all insurance, they will verify the claim is valid. Information from the employer would be to verify that you are no longer working, but also the nature of separation. If you quit or were fired for certain causes (like theft), then you will not qualify.
The government records would be to verify and corroborate your employment status also. If you qualified for unemployment, this gives them a better picture of your Credit Protection qualification.
So yes, they will verify and document your claim, so make sure you don't make any false statements, otherwise you could lose eligibility (and in some cases even face insurance fraud).
Message Edited by txjohn on 05-12-2009 06:54 AM
