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Premium Payments

No, Under no circumstances may an insurer or agent thereof intentionally "keep" your unearned premium payment. This would be a violation of the agents fuduciary obligations to the insured. However, if there was an outstanding balance due on your previous policy, then they are allowed to accept and apply that payment to the balance owed. Unearned premium payments whether they were made before or after the policy lapsed are typically returned to the consumer. Most state regulations specify 60 days or less to issue returns.

Insurance Agent's Entitlement to Money

Is this a payment that was applied before renewal was up, or the actual renewal payment? If the agent took your renewal payment and did not renew your policy, then you need to contact the department of insurance in your state. That would be illegal.

2009-09-18 14:24:33
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2015-08-24 00:55:25

The prior answer is entirely correct. What's more, if there is an intervening covered loss (after you made the premium payment to the agent) but the policy was canceled for non-payment of premium, you would be uninsured for the loss. Therefore, the agent may be liable for that which the insurer would have paid for the loss. The claim for the loss caused by the agent could, perhaps, be negotiated with the agent or his.her/its errors and omissions insurer. You may also have the basis for a civil suit against the agent on the same grounds. Furthermore, since insurance agents are licensed and regulated by State insurance regulators, a complaint could be made with the regulatory authority which would handle the matter administratively. This could result in the suspension or revocation of his/her/its license and part of the administrative action could involve monetary reimbursement for the loss..

2015-08-24 00:55:25
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