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.

Legal Disclaimer

The author and publisher disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this blog. The information provided is not a substitute for the advice of a competent insurance, legal, or other professional. The Information provided at this site should not be relied on as legal advice. Legal advice cannot be given without full consideration of all relevant information relating to an individual situation.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.