Insurance · Finance
Premium finance agreements
A contract under which a lender pays an insurance premium up front and the policyholder repays it in installments with interest.
What it usually contains
- Total premium, down payment, and amount financed
- Interest rate, finance charge, and total of payments
- Installment schedule with due dates and amounts
- Power of attorney allowing cancellation of the policy for nonpayment
- Assignment of unearned premium and return-premium handling
- Late fees, default terms, and signatures of insured and lender
What the assistant uses it for
Use it to answer how much of a premium was financed, what the payment schedule and finance charges are, and what happens if the insured misses a payment. It also clarifies who may cancel the policy and how any returned premium is applied.
How it is versioned
A document of this type has exactly one current version at a time. Upload a revision and it becomes the version that counts — the one before it is kept and dated, but is no longer what your assistant answers from. Nothing is ever deleted, so you can always show what this document said on a given date.
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