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Prime Rate Finance Corporation Tip Sheet
2141 Enterprise Dr., PO Box
100507, Florence, SC 29501-0507
Phone: 866-669-0937, Fax 888-398-5545
Helpful Hints
Processing:
Agreements will be processed and funded within 24 to 48 hours of
receipt, provided that the following procedures have been followed: 1. Agent
and insured have signed the agreement (or in states allowed, agent has
signed on behalf of the insured). 2. The agreement has been dated. 3.
Payments due within 10 days of the due date are collected by the agency with
the down payment. 4. Policy information completed, including: effective
date, policy type, insurance company and general agent (if applicable),
premium, taxes and/or fees. 5. Correct down payment.
Additional Premiums:
Please call Prime Rate for quote.
Carriers and Brokers:
Eligible carriers have an AM Best rating of B+ or better. Exceptions may
be made, but must be approved.
Large Agreements:
In the case of large premium finance quotes, Prime Rate may request
additional information, including but not limited to the insured’s financial
statements, underwriter’s quote, etc.
How to Check an Account Online:
Click Here
Holding Accounts from Cancellation:
Holds may be placed by an agent when the insured indicates a payment will be
made in the next few days. Holds will not be allowed more than one payment
is due, the payment was returned NSF, the payment due date is within 60 days
of expiration of the policy, or a hold has already been placed for the
payment cycle.
Request for Reinstatement:
At an agent’s request, Prime Rate will request reinstatement for a cancelled
policy with an insured’s check provided no NSF history has occurred with the
contract. If NSF history has occurred on the contract, certified funds will
be required to request reinstatement. If we receive payment on a cancelled
account and the agent has not contacted our office, the insured will be sent
a non-reinstatement letter advising them to contact their agent.
Rate and Term Exceptions:
We recognize that there will be instances when you will need better terms
and rates.
Standard Terms
Standard Account (with no minimum earned provision or extended
cancellations):
20% down plus any non-refundable fees and 9 payments.
Renewals (without a minimum earned/special cancel provisions):
15% down plus any non-refundable fees and 10 payments.
Minimum Earned:
The down payment must include all minimum earned premium plus any
non-refundable fees and 9 payments.
Extended Cancellation:
Standard down payment, plus 5% for every 30 days of extended
cancellation.
Assigned Risk Workers Compensation: 35% down and 8 installments.
Prime Rate
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