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FAQ on Policy Cancellations
Bulletin – Thursday, February 12, 2009
Q: The policy holder wants to cancel their policy. What do I need to do?
A: Submit a completed and signed Acord Cancellation request. We can no longer accept the Insured's copy of the policy as a request to cancel because the policy is now available from our website. If you need the Acord form just give Shannon a call and she will send you one.
Q: When will the insured receive a refund?
A: Cancellations processed within our office will be handled within 3 business days. Cancellations which are processed by the carrier are typically received within 30 days. If a policy is financed, the premium finance company will be paid before money is refunded to the policy holder. If any premium is due the insured, it will be credited to your monthly account current. .
Q: The insured cancelled their vacant property policy and they didn't receive a return premium. Why?
A: If the cancellation was in the first 90 days of an annual term or if the policy was issued on a 3 month term, the minimum earned premium clause on the policy would apply. No refund would be due the insured.
Q: Can Tuscano's provide me with an estimated return premium?
A: Sure - give us a call, we would be happy to help you.
A: Submit a completed and signed Acord Cancellation request. We can no longer accept the Insured's copy of the policy as a request to cancel because the policy is now available from our website. If you need the Acord form just give Shannon a call and she will send you one.
Q: When will the insured receive a refund?
A: Cancellations processed within our office will be handled within 3 business days. Cancellations which are processed by the carrier are typically received within 30 days. If a policy is financed, the premium finance company will be paid before money is refunded to the policy holder. If any premium is due the insured, it will be credited to your monthly account current. .
Q: The insured cancelled their vacant property policy and they didn't receive a return premium. Why?
A: If the cancellation was in the first 90 days of an annual term or if the policy was issued on a 3 month term, the minimum earned premium clause on the policy would apply. No refund would be due the insured.
Q: Can Tuscano's provide me with an estimated return premium?
A: Sure - give us a call, we would be happy to help you.