Dear [Defendant’s Name], I hope this letter finds you well. My purpose in writing to you today is to discuss the matter of the repayment of unearned premiums pertaining to your insurance policy [Policy Number]. As you are aware, our records indicate that you have terminated your insurance coverage prior to its expiration date, thereby entitling you to the return of a portion of the premium you previously paid. Montana's law, specifically Section [Relevant Section] of the Montana Code Annotated, clearly mandates that if an insurance policy is canceled or terminated by the insured before the expiration date, the insurer must refund any unearned premium. According to our calculations, your policy was terminated on [Termination Date], prior to its scheduled expiration on [Expiration Date]. This now triggers the requirement for us to reimburse you for the unearned portion of the premium you paid for the remaining coverage period. Based on our policy terms and the number of unused days left in your coverage, the unearned premiums amount to a total of [amount]. Enclosed with this letter, you will find a check in the aforementioned amount made payable to you. This serves as full and final settlement of your claim for the unearned premiums. We kindly request that you cash or deposit the check within 30 days of receiving this letter. Please note that failure to cash or deposit the check within the stipulated time frame may result in an expiration of your right to claim the unearned premiums. In such a case, we will consider this matter settled and no further claims for reimbursement will be entertained. Should you have any questions or concerns regarding this repayment, please do not hesitate to contact our customer service department at [Contact Number] or by email at [Email Address]. Our dedicated team will be pleased to assist you in any way they can. We genuinely appreciate your cooperation in promptly resolving this matter, and thank you for your continued support of our insurance services. We hope to serve you again in the future should you require coverage. Yours sincerely, [Your Name] [Your Title] [Insurance Company Name]
Montana Sample Letter to Defendant concerning Repayment of Unearned Premiums
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FAQ
Unearned premiums are parts of the insurance premiums that are collected in advance by the insurers. The insurer is subject to refund the unearned premium if the insured decides to terminate the policy before the policy period ends.
An unearned premium is the opposite of earned premium, which is the amount of money that has been paid for coverage that has already been used. It's also sometimes referred to as a return premium. Unearned premium is essential in the insurance industry because it helps insurers manage their balance sheets.
The unearned portion of a life insurance premium is the advance premium an insurer receives for which coverage has yet not been provided to the customer. It is a liability in the insurer's books of accounts as the insurer may have to return it to the customer on policy cancellation, subject to certain conditions.
Second, when coverage is terminated, unearned premium is eligible to be returned to the policyholder. The calculation to determine the amount of a refund is simply the paid premium minus the earned premium.
An unearned premium is the premium amount that corresponds to the time period remaining on an insurance policy. In other words, it is the portion of the policy premium that has not yet been "earned" by the insurance company because the policy still has some time before it expires.
OAMIC fulfilled two months of coverage so $200 of the premium has been earned. So, $1,200-$200=$1,000. The $1,000 of unearned paid premium will be returned to Sarah after March 1 since she paid the full amount in advance.