You may cancel Loan Protection at any time during the contract term. If a certificate is cancelled within 30 days from signing the application for insurance a full refund of premium will be paid and will not be subject to any administrative fees.
Any cancellation initiated after 30 days will be charged a $100 administrative fee which will be deducted from the refund.
To initiate a cancellation, the customer must complete a cancel request form, which is then submitted to the administrator. The administrator will refund the premiums due to the insured’s lienholder, as detailed on the Certificate of Insurance.
Should a customer wish to cancel because of loan payout, sufficient proof of payout from the lienholder is required for the unearned premium refund to be paid directly to the insured.