I purchased Liability insurance near comfort from a lender, Does downfall to earnings lender call off policy?
I purchased 2 million liability insurance. There was a lender found by my insurance agent and I recieved a transmittal book from lender. I am waiting on a check due but he is threating to cancel my insurance. Isnt my provider already remunerated and money only due to the lender?
Answers:
I am guessing you are talking almost auto insurance. Is your insurance payment bundled into your coup¨¦ payment. If it is you will lose your insurance. If you are paying the insurance separate to your insurance company, you should be okay unless you stop paying your insurance
You're liable unless the payment is written into the contract ( costs )..give them a give the name or you could be charged double or triple the amount. Then be canceled.
No, masses times the lender here is a subsidiary of the insurance company - and that is ultimately not relevant even if it is true. The lender simply makes interest bad the loan, but is "authorized" to enter into this contract as a third party surety by the insurance company within return for "periodic payments" of your insurance premium. Even if they do it written differently, the law treats it as your insurer not getting full transfer of funds up front, but rather you are insured on a earnings as you go font. The law is clear on this, and as you may enjoy suspected, favors the insurer and lender over you. The only route your scenario would be true is if you went to a lender one-sidedly, took out a loan for the amount of the insurance and paid the insurance company directly. That is not what happen in your casing. Like all loans, in attendance must be collateral. In my final example, the lender wouldn't go after your insurance but would travel after what collateral for the loan you put down (house?). In your case (likely), you offered no collateral - for this reason, your insurance is the collateral. Good luck BTW. Try calling them and see if you can't work something out.
No, when you signed the premium nouns agreement, the small print allowed the policy to be used for collateral. So when you default on the contribution, the lender is allowed to cancel the policy, and any return premium go to pay bad THEIR balance, first.