PAC Finance-Steps for an agent to getting started with

Our office.

-Our office will prepare an agreement for an agent, give the agent a quote over the phone or set the agent up with our user friendly software.

-After a note is submitted to PAC, if the policy number and information is filled in. we would like to know how you would like it paid. This is on page 2 of the finance agreement.

-There are 2 options in payment of the policy. One is to the agent. Two is to the insurance company or broker. If it is to the agent, he/she should expect a check within the week.

-Our office in turn sends out a payment book to the insured for their monthly installment to be made. The first payment on the policy is usually due 30 day's from inception of the policy, unless otherwise noted.

-If the insured should be delinquent in their payment schedule, they shall first receive a notice stating we have not received their payment. And that they have a 9 day grace period in which to send the payment. On the 10 th day the account will be assessed a 5% late fee, to be paid with the payment or the final payment.

-If the payment is not received within 15 days of the due date, the insured will receive a cancellation notice, stating they shall have 10 days to make the payment or the policy shall be cancelled. We will also notify the agent, in case there are special circumstances we need to be aware of. The agent may want to salvage the account and get in contact with the insured.

-If the payment is made the insured will be put back into the usual process.

-If the payment is not made the policy will be cancelled and the agent will be sent a statement of what is owed from the return on the policy from the insurance company.