Reader’s Question:

In Meridian, Idaho, when a premium finance provider submits a termination notice to the insurance company , what effective date should the insurance company use? The date of receipt by the carrier or the date the Premium finance company requests?

Bill

Meridian, ID

It is typically the premium finance company that request cancellation of the insurance policy on a certain date. Then, the insurance provider terminates it on that date and returns the premium to the finance company to pay off the loan.

As for the statutes or insurance laws in Idaho, you should be able to find out this information from the insurance regulatory bodies of each state in your area in insurance laws or . Or you may want to check the statutes of each state’s insurance codes or laws.

In Idaho the Statute covering the Idaho Insurance Code is under Title 41.

Tags: auto insurance