Insurance 101 – Chapter 3 – Volume 15 – Cancellation by Premium Finance Agency

Cancellation by Premium Finance Agency

Many people cannot pay the full premium on their insurance policies. Premium financing is a major business that is funded by major lending institutions. People who enter into premium finance agreements, like those who enter into insurance contracts, seldom read the terms and conditions of the contract.

All premium finance agreements give the lender, as security for the loan, an assignment of the named insured’s right to cancel and recover unearned premium from the insurers.

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