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Frequently Asked Questions
- What types of policies do you finance?
We accept both personal and commercial lines for insurance written with insurance companies registered and in good standing with the Superintendent of Insurance office. We do not accept non-cancelable policies, policies which are earned in full at signing or government insurers for financing.
- Is there a penalty for paying off the loan earlier than the final due date?
The loan can be paid off at any time without paying a penalty.
- What is the minimum premium amount required to finance on a contract?
One hundred and fifty dollars ($150.00) is required for all plans except on a continuous plan three hundred dollars ($300.00) is required. The service charge and our monthly payments have to be a minimum of twenty dollars ($20.00) each.
- Exactly how do we handle an Additional Premium Endorsement? i.e. is there a minimum or a maximum?
The minimum is one hundred dollars ($100.00) and there is no maximum. An Additional Contract must be prepared and the appropriate Down Payment collected. Additional Contracts can be processed online by clicking on “Additional Quote” when viewing the customers account. There has to be at least three payments left on the original contract before we can accept and process.
- Exactly how do we handle an Additional Premium Endorsement on a Continuous Plan, i.e. is there a minimum or a maximum?
There is a minimum of one hundred dollars ($100.00) and no maximum amount to be financed on an Additional Premium Endorsement however the minimum IFS service charge is twenty dollars ($20.00). The agent must advise IFS of any Additional Premium Endorsement in writing. Any premium over four hundred dollars ($400.00) we require a minimum of twenty-five percent (25%) to be collected for the Down Payment, which may be retained by the Brokerage Office.
- Exactly how do we handle a Return Premium Endorsement?
Credit must be sent to IFS then we will adjust payment amount and advise agent and customer of any changes.
- What do we do if a new policy premium arrives with a higher premium than quoted and financed?
- On a Continuous Plan if renewal premium is higher than last term it would be treated as an Additional (see Item #5) and the Down Payment required would have to equal twenty five percent (25%) of the actual premium.
- On our Regular Plans you would advise us as soon as possible and we require twenty-five percent (25%) Down Payment of the revised amount and the monthly payment amount would have to be adjusted and a new contract issued and signed by the customer.
- What do we do if a new policy premium arrives with a lower premium than quoted and financed?
If the Premium comes in lower than no extra Down Payment is required. Contact IFS and once the difference in the premium is received by us then the monthly payment schedule would be adjusted accordingly.
- How are cancellations handled – do we notify IFS as soon as we are aware that a policy is being cancelled? As soon as a policy is cancelled? How is the return premium processed by the insurance company? How is the return premium processed by IFS?
- Notify IFS as soon as you are aware a policy will be cancelled.
- IFS should be notified as soon as you have been notified by the Insurance Company that the policy has been cancelled.
- Notify IFS as soon as a customer signs off.
- Some Insurance Companies send unearned premiums, upon cancellation, directly to IFS while other Companies send the return premiums direct to the Broker, who then must forward it to IFS as soon as possible.
- IFS calculates a payout on the account which is appropriate for the length of time that the loan has been outstanding.
- All rebates are sent to your office co-payable to your office and/or customer.
- IFS must have a minimum of a twenty dollars ($20.00) service charge on cancellation.
- What situations would require the customer to sign a new contract?
- A new contract is required if the original contract has been altered in any way, i.e. if the policy information changes, the Insurance Company and/or Policy number changes or the amount of the premium changes, etc.
- A new contract is required for additions on any plan.
- A new contract is required for renewal of all plans.
Call us at 1-800-565-1153 for more details or e-mail us at support to discuss your special needs.
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