Cancellation

Due to the short term of a premium finance note, policies are cancelled if payment on an account is not received within 13 days of the due date. (A “10-Day Notice of Intent to Cancel” is mailed when an account is 3 days past due.)

If payment is made on an account in cancellation status, an immediate request to reinstate will be sent to the insurance company.  Payment on a cancelled account may make your premium finance account current, but does NOT guarantee that a policy will be reinstated, as the decision to reinstate a policy rests solely with the insurance company.Following payment on a cancelled policy, please contact your insurance agent to be sure coverage is in force.

You may request cancellation of your insurance policy through your insurance agent. Longhorn Acceptance, Inc. can only initiate cancellation of a policy if payment is not made on the account.

If a policy that has been financed cancels for any reason, the insurance company will return any unearned premiums to Longhorn Acceptance, Inc. and the return premiums will be applied to the note balance. If the return premium results in a credit balance on the premium finance account, the monies will be returned to the insured. If there is still a balance due on the account after all returns have been posted, the insured is obligated according to the terms of the signed premium finance agreement to pay the balance in full.