California Financial Code 18562 – As used in this chapter, “insured” means the person who has purchased …
Current as of: 2024 | Check for updates
|
Other versions
As used in this chapter, “insured” means the person who has purchased or arranged to purchase an insurance contract and who enters into a premium finance agreement with a premium finance agency.
(Added by Stats. 1976, Ch. 964.)
Terms Used In California Financial Code 18562
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Financial Code 18
- premium finance agreement: means a loan contract, note, agreement or obligation by which an insured agrees to pay to a company in installments the principal amount advanced by the company to an insurer or producer in payment of premium on an insurance contract or contracts, plus charges, with the assignment as security therefor of the unearned premiums, accrued dividends or loss payments, the final installment due date of the agreement not to extend beyond the term of the insurance contract included in the agreement having the latest expiration date. See California Financial Code 18564