Definition of backdating
That would have the effect of turning the car insurance industry’s risk-assessment-based business model on its head.
Before long, there would be no car insurance industry and we’d all be paying for damages and injuries out of pocket.
Now the fair response in Jobs’s defense at this juncture would be to say: “Well, look, people just didn’t look at this stuff the way they do today, post-Sarbanes-Oxley, and so on.
This was spitting on the sidewalk back then.” And I can understand that argument.
While that can theoretically save you money, you need to realize that you’ll have to pay the premiums for the months covered by the backdate.
The only people who would benefit from that would be trial lawyers. Closer to home, consider this: backdating a car insurance policy is insurance fraud.Of course, any attempt to purchase a backdated life insurance policy on your Aunt Minnie who has alreay passed on is out and out fraud. Backdating Health Insurance Policies In regards to health insurance, backdating the effective date of a policy can be used to make your age at issue qualify for a lower premium. State laws differ in their policies aboutbackdating health insurance policies, so you’ll have to check with your state insurance commissioner.Some states will the amount of backdate to six months.And to say it’s up to the bean-counters to catch this situation is silly, because the whole reason you’re using phony dates is so that the bean-counters won’t know what you really did.And this is why defenses to backdating sometimes get hard for me to understand.