Can I cancel insurance contract?
To cancel an insurance contract, you must tell the insurer. You must send a letter to your insurer officially notifying it that you are cancelling your contract. The insurance will be cancelled when the insurer receives your letter, not when you send it.
Are Independent Insurance Agents good?
An independent agent can do important things for you: Agents have at their disposal the ability to quickly check prices and coverages with dozens – if not hundreds – of different insurance companies. Since rates vary widely an independent agent can very likely get you a better deal than you can get for yourself.
What are the rules for terminating an insurance agent contract?
INSURANCE AGENT CONTRACT TERMINATION RULES: STATE-BY-STATE ANALYSIS The creation of an agency relationship through which a person undertakes to represent an insurance company may be made under the general principles of the laws of agency, and the general rules of law relative to the duration and termination of agency relationships will apply.
Can a insurance agent recover commissions after termination?
A large number of cases have discussed the right of the agent to recover renewal commissions after termination of the agency.
Can a insurance agent be fired without cause in Arkansas?
The provision in an agency contract permitting termination without cause is consistent with express Arkansas law; extending the employment law public policy exception to independent insurance agents would effectively nullify the termination-without-cause provision in such a contract, contrary to this express statutory authorization. McNeill v.
When to notify insurance commissioner of contract termination?
According to Sec. -522B.14 : an insurer terminating appointment or contract with an insurance producer shall notify commissioner within 30 days after such termination.
What happens if I terminate my insurance agent agreement?
Insurance Agent agrees that the termination of this Agreement shall not release Insurance Agent from any obligations under Section 2.1 or 2.2. SECTION 3 – COMPENSATION 3.1 Compensation.
Why do independent insurance agents work for You?
Our independent insurance agents work for you, not the insurance companies. And the best part… it doesn’t cost you anything. When you have options from multiple insurance companies, it’s easier to find the best coverage at the right price. There’s an independent agent in every city. This means, they understand the insurance coverage you need most.
The provision in an agency contract permitting termination without cause is consistent with express Arkansas law; extending the employment law public policy exception to independent insurance agents would effectively nullify the termination-without-cause provision in such a contract, contrary to this express statutory authorization. McNeill v.
When do insurers have to give notice of termination?
An insurer terminating appointment of producer needs to give notice to commissioner at least within 30 days after termination. With reasons in the format prescribed. Within 15 days after such notification, a copy shall be sent to the producer. Within 30 days thence, written comments shall be furnished b producer to commissioner.