Montana Property and Casualty Laws
What are premium finance companies? ️Loans money to the insured to pay a premium, and must be
licensed as a premium finance company. (Does not apply to savings & loans, finance companies, banks,
credit unions, or resident insurance producers)
How long mu...
Montana Property and Casualty Laws
What are premium finance companies? ✔️Loans money to the insured to pay a premium, and must be
licensed as a premium finance company. (Does not apply to savings & loans, finance companies, banks,
credit unions, or resident insurance producers)
How long must premium finance companies keep records for? ✔️3 years.
What are the stipulations for premium finance agreements? ✔️-Must be written, signed, and delivered
to the insured
-Discloses all details of the transaction
-Discloses the producer's name, balance, total amount of all premiums & payments, down payment,
finance charges, and number or installments
Can interest rates exceed %21? ✔️No!
Can delinquency charges exceed $5 per late payment? ✔️No!
When must the premium finance company send a surplus to the insured? ✔️When they are getting a
refund, unless the surplus is less than $1.
How long before the expiration of a policy must the insurer notify both the producer and insured before
nonrenewing? ✔️45 days.
How long before the expiration of a policy must the insurer notify both the producer and insured before
nonrenewing due to nonpayment? ✔️20 days if it is a residential policy.
Can a insurer refuse to renew a policy on the basis of a single loss occurring during the policy period?
✔️No! Unless the insured was notified of this when the policy was insured.
How much time in advance must we give notice for cancellation for most policies? ✔️10 days.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CertifiedGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
