415-B:6 Form Of Premium Finance Agreement
Last revised 1981 § Leave a Comment
I. A premium finance agreement shall:
- (1) The total amount of the premiums,
- (2) The amount of the down payment,
- (3) The principal balance (the difference between (1) and (2)),
- (4) The amount of the interest or discount,
- (5) The balance payable by the insured (sum of (3) and (4)), and
- (6) The number of installments required, the amount of each installment expressed in dollars, and the due date or period of each installment.
II. The items set out in subparagraph I(c) need not be stated in the sequence or order in which they appear, and additional items may be included to explain the computations made in determining the amount to be paid by the insured.
III. A premium finance agreement may contain any provision not prohibited by this chapter or by order of the commissioner.
1981, 118:1, eff. July 3, 1981.
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