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Our system is very simple and convenient. A finance contract is included with all renewal quotes, requiring it only to be executed at the time of binding the renewal. New business finance quotes can be obtained by request and the finance agreement will be faxed to your office for execution.
Upon receipt of the executed agreement, coupons are issued and mailed direct to the insured. This provides the insured ample time before the first installment is due. Should the insured's payment be late, you the retail agent are the first to know, providing the opportunity to contact the insured, hopefully saving the account as well as valuable commission dollars.
When the agreement is set up, the amount financed is applied to the agents accounts current. Should the account cancel, all payoffs and charge backs are done at that time.
Convenience and simplicity provide you, the retail agent, a smooth almost seamless method for financing those risks placed with NAI. For further information about our program please contact our finance department.
NAI Premium Finance, Inc.
As shown by the two following examples, the amount financed is first applied to the initial invoice:
INVOICE
POLICY NUMBER TYPE OF COVERAGE / DESCRIPTION AMOUNT XXXXXXX GENERAL LIABILITY 2000.00 POLICY TAX 126.00 POLICY FEE 100.00 PREMIUM FINANCE DEFERRED CREDIT -1594.50 LESS COMMISSION -200.00
TOTAL DUE: 431.50
Note: The above example contemplates a gross down payment amount of $631.50
After month end close on the last day of each month the same transaction will appear on your Accounts Current due the 15th of the following month:
POLICY # EXPLANATION COMM% GROSS PREM COMM NET AMOUNT
As indicated by the above, convenience and simplicity provide you, the retail agent, a smooth almost seamless method for financing those risks placed with NAI. For further information about our program please contact our finance department.
NFI
Phone: (800) 824-1740, FAX: (256) 764-3017
EMAIL:
Note: Insured’s can pay their installments with credit cards by calling NFI at the above "800" number. We take Visa, Master Card, Discover & Debit cards. There is a 1% service charge for this service.
*We cannot finance policies in the States of Oklahoma, Arkansas & Florida at present time.
