Refunds to policyholders involve collaboration between Cover Whale and premium finance companies, ensuring rightful disbursement after thorough validation and processing.
When a policyholder is seeking a refund, the process involves both their premium finance company and Cover Whale, working in conjunction to ensure the successful disbursement of eligible refunds.
As the initial point of interaction, the premium finance company plays a significant role since they fund the premium to the insurer on behalf of the policyholder. However, Cover Whale too plays a vital part in managing the return premium. Once an eligible return premium is identified, Cover Whale returns these funds in batches to the finance companies.
This is an essential precursor to any disbursement as the premium finance company cannot issue refunds before receiving the returned funds from Cover Whale. Once this return is made, the premium finance company then has a 10-day window to apply these funds to the respective loan.
Following this application step, any additionally eligible refunds are then issued to the agency which takes responsibility for distribution to the insured policyholder.
Agents can monitor the funds in all of our premium finance partners' portals
In summary, managing the logistical aspects and ensuring fair, transparent transactions is a shared responsibility between Cover Whale and the premium finance company. Throughout this process, the policyholder's concerns can be addressed by both parties, guaranteeing a comprehensive understanding and fair handling of their refund request.