Hennepin Minnesota Sample Letter to Defendant concerning Repayment of Unearned Premiums

State:
Multi-State
County:
Hennepin
Control #:
US-0415LTR
Format:
Word; 
Rich Text
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Description

This form is a sample letter in Word format covering the subject matter of the title of the form.

[Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Defendant's Name] [Defendant's Address] [City, State, Zip Code] Re: Repayment of Unearned Premiums — Request for Settlement Dear [Defendant's Name], I hope this letter finds you in good health. I am writing to bring to your attention an outstanding matter concerning the repayment of unearned premiums from an insurance policy issued by [Insurance Company Name]. As you may recall, on [Policy Start Date], you entered into an insurance contract with [Insurance Company Name] for coverage on [Property/Vehicle/Asset]. According to the terms and conditions outlined in the policy, the premium was to be paid in advance for the coverage period of [Policy Start Date] to [Policy End Date]. However, due to [Reason for Termination/Cancellation of Policy], the insurance policy was prematurely terminated on [Termination/Cancellation Date]. As a result, you are entitled to a refund of the unearned premiums corresponding to the unused portion of the policy. According to our records, the total amount of unearned premiums due to you is [$XXX.XX]. This amount represents the prorated share of the premium for the time period from the termination of the policy to the originally agreed upon policy end date. It is essential to note that the refund should be calculated based on the policy's cancellation provisions and as required by Minnesota state insurance regulations. In accordance with Minnesota insurance laws, [Insurance Company Name] is obligated to promptly issue a refund of the unearned premiums owed to you upon termination of the policy. Failure to do so within [number of days/months] from the date of this letter may result in legal action to enforce your rights as the policyholder. To expedite the resolution of this matter, I kindly request that you provide your full cooperation by promptly reviewing and confirming the outstanding amount of [$XXX.XX] as the unearned premium refund owed to you. If our calculations are accurate, we kindly request that you respond to this letter within [number of days] days with your written confirmation to initiate the reimbursement process. For your convenience, enclosed with this letter are copies of relevant documents such as the original policy, termination/cancellation notice, and any other pertinent correspondence. Please review them thoroughly to verify our calculations and notify us of any discrepancies, should they exist. If you have any questions, concerns, or require any supporting documentation, please do not hesitate to contact our office at [Your Phone Number] or via email at [Your Email Address]. We are committed to resolving this matter promptly and ensuring that you receive the repayment of your unearned premiums to which you are entitled under Minnesota state insurance regulations. Thank you for your attention to this matter. We look forward to your prompt response. Yours sincerely, [Your Name]

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FAQ

Unearned premium revenue is a liability account that is used by an insurer to record that portion of premiums received from customers that it has not yet earned. For example, an insurer receives a $1,200 payment from a customer that is intended to provide insurance coverage for the next year.

Ceded Premiums means all premiums (including policy fees), considerations, deposits and other similar amounts actually received by the Cedant in respect of the Reinsured Policies, net of the amount deemed payable in respect of Current Third Party Reinsurance Premiums.

A property or casualty insurer must carry all unearned premiums as a liability in its financial statement since, if the policy should be canceled, the insurer would have to pay back a certain part of the original premium.

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.

The insurer is subject to refund the unearned premium if the insured decides to terminate the policy before the policy period ends. The unearned premium is to be returned when the insured item is lost, and the coverage for the item is no longer required or when the insurer cancels the coverage.

Earned premiums refer to any premium that is paid in advance and belongs to an insurer. Unearned premiums are collated in advance by insurance firms that are required to provide them back to insurance policyholders if coverage is terminated before the premium period is over.

A premium refund is a clause in some insurance policies that grants the beneficiaries a refund to the total amount of premiums paid to date. Depending on the contract and type of insurance, it will grant a refund of the premiums you paid if you die before that term runs out or if you voluntarily end your coverage.

A property or casualty insurer must carry all unearned premiums as a liability in its financial statement since, if the policy should be canceled, the insurer would have to pay back a certain part of the original premium.

Unearned premiums may be subject to return if a client ends coverage before the term covered by the premium is complete. An unearned premium may be returned when an insured item is declared a total loss and coverage is no longer required, or when the insurance provider cancels the coverage.

Definition. Unearned Premium Reserve (UEPR or UPR) the amount of unexpired premiums on policies or contracts as of a certain date (the total annual premium less the amount earned).

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Hennepin Minnesota Sample Letter to Defendant concerning Repayment of Unearned Premiums