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 in order for the unearned premium refund to be paid directly to the insured.