PREMIUM ASSIGNMENT CORPORATION
X.X. Xxx 0000-0000 Xxxxxxxxxxx Xx., Xxxxxxxxxxx, XX 00000 Phone 000-000-0000
This agreement made and delivered this 2nd day of February, 2000, between Vista
Vacations International, Inc., 0000 XX 00xx Xxxxxx, Xxxxxxx, XX 00000 phone
#000-000-0000 hereinafter called the insured, and Premium Assignment
Corporation, a Florida Corporation, hereinafter called PAC, for the financing of
the balance of the premiums on the following insurance policies:
Exp Name & Address of Insuring Co. Policy Policy Policy
Date Date (Including general agency if Brokered Type No. Premium
2/3/00 2/3/01 Preferred National Ins. FL PKG. TBD $1,100.06
Unamark FL
2/3/00 2/3/01 Preferred National Ins. FL PLIA TBD $2,320.00
Unamark FL
Cash Price Cash Down Unpaid +DOC =Amount +Finance =Total of Annual
(Total Premium) Payment Balance of Stamps Financed Charge Payments Percentage Rate
Cash Price
$3,420.06 $855.02 $2,565.04 $9.10 $2,574.14 $174.06 $2,748.20 14.50%
Amount of each payment Number of Payments When First Payment is Due
$274.82 10 3/3/00
Itemization of the amount financed:
1. Unpaid balance of cash price will be paid to your insurance company(ies) or
their agents on your behalf.
2. Documentar stamps (if applicable) will be paid to public officials.
Warranties of Agent
The undersigned hereby certifies that: (1) The down payment as shown in the
contract has been paid by or on behalf of the insured. (2) All policies listed
are or will be in force on the stated effective dates and delivered by him (3)
No audit, reporting form, minimum or fully earned premium policy is included in
this Agreement, except as indicated in the Scheduled Policies of Insurance. (4)
The above Agreement is a bona fide and binding contract (5) The signatures are
genuine. (6) A copy of this Agreement has been delivered to the insured. The
undersigned agent further certifies that he is an authorized agent of the MGA or
insuring companies. (7) Upon cancellation of the Scheduled Policies of
Insurance, the undersigned agrees to remit the full amount of the unearned
premium, including unearned commission up to the unpaid balance of the
Agreement, upon receipt from the carrier.
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Notice to Insured: (1) Do not sign this agreement before you read it or if it
contains any blank space. (2) You are entitled to a completely filled in copy of
this agreement (3) Under the law, you have the right to pay off in advance the
full amount due and under certain conditions to obtain a partial refund of the
service charge. (4) This Agreement includes and is subject to all of the terms,
provisions, covenants, powers and agreements which are contained and appear on
page 1 and page 2 of this agreement.
Power of Attorney: The insured hereby appoints PAC his attorney in fact to
cancel and give notice of cancellation of the Scheduled Policies of Insurance to
the named insurance companies for nonpayment of premium.
All insureds named in Policies sign here. Insured acknowledges receipt of a copy
of page 1 and page 2
/s/ Xxxx Xxxxxxx, EVP OPerations 2/2/00
____________________________ Agency Name: Xxxx Groups/Schwab & Co.
Insured signature Title & Date Address: 0000 Xxxxxxxxx Xxxx Xxx 000
Xxxx Xxxxx, XX 00000-0000
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PREMIUM ASSIGNMENT CORPORATION - PREMIUM FINANCE AGREEMENT
FOR VALUE RECEIVED, the insured promises to pay to the order of PAC the "TOTAL
OF PAYMENTS" as stated on page 1 of this Agreement, pursuant to all of the terms
and conditions.
WITNESSETH: That in consideration of the payment by PAC to the named insurance
companies, or their agents, of the balance of the premiums due on the scheduled
Policies of Insurance, the Insured agrees:
1. EFFECTIVE DATE This agreement is effective upon its acceptance by PAC.
Acceptance by PAC shall be deemed to occur upon payment of its draft or check by
PAC to the agent or to the Insuring Company of the balance of the premiums due
on the Scheduled Policies.
2. PAYMENTS The Insured agrees to make payments to PAC in accordance with the
payment schedule stated on page 1 of this Agreement. Payments are to be made to
PAC at Xxxx Xxxxxx Xxx 0000, Xxxxxxxxxxx, XX 00000-0000 or such other address as
PAC may notify you of. Payments made to any other person, firm, insurance
agency, corporation or otherwise shall not constitute payment to PAC. Payments
received after cancellation of the Scheduled Policies of insurance shall be
credited to the unpaid balance due on the account and shall not constitute
reinstatement of the canceled policies nor shall it constitute waiver by PAC of
its rights under the Agreement.
3. SECURITY FOR PAYMENT The insured assigns to PAC as security for the total
amount due under this Agreement (Total of Payments) any and all unearned
premiums which may become payable under the Scheduled Policies of Insurance. PAC
may request the Insuring Company to pay all monies for unearned premiums upon
cancellation of PAC. The Insured agrees that PAC may endorse his/her name on any
check or draft of all monies that may become due from the Insuring Company and
apply the same as payment for any amounts fie under the Agreement.
4. DEFAULT A default shall occur if any installment is not paid by its due date,
or should the insured fail to carry out any other obligations set forth in the
Agreement Should a default occur, the total unpaid amount under this Agreement
shall become immediately due and payable. Interest will continue to accrue on
the unpaid balance at the stated APR or maximum rate allowed by applicable State
Law until all balances are paid. The Insured agrees to pay a late charge for any
payments received and accepted by PAC after payment due date in accordance with
the Lat Charge section page 1 of this Agreement. Upon default of payment of
premium PAC may request cancellation of the Scheduled Policies of Insurance at
the earliest time permitted and in accordance with applicable State Law. Should
PAC cancel the Scheduled Policies of Insurance the Insured agrees to pay PAC a
cancellation fee equal to the amount permitted by applicable State Law (no fee
in AK,CA,CT,FL,KS,KY,NV,NM,NC,PA,SC,TX,VT,VA). The Insured consents to PAC
adding any unpaid balance on this contract to any future premium finance
agreement entered into with PAC.
5. ADDITIONAL CHARGE If permitted by State Law, you may be assessed a one-time
additional charge equal to the amount allowed by State Law for costs relating to
the precessing of your loan ($10 in AK).
6. SHORTAGE OR OVERAGE OF UNEARNED PREMIUM If unearned premiums are not
sufficient to pay the unpaid balance due, the insured shall pay PAC the
deficiency. Interest shall accrue on the deficiency at the stated APR or maximum
rate allowed by applicable State Law. If the unearned premiums received by PAC
are more than the amount due he excess shall be returned to the insured within
the time allowed by applicable State Law. The insured waives his/her right to
receive any excess which is less that $1.00 ($5 in IL,MD,UT;$3 in MS,OH,SC and
for prepayment in MI;$2 in GA; refunds of less than $1 will be made in KY and
VA).
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7. ATTORNEYS FEES AND EXPENSES If permitted by State Law, PAC may charge
attorney's fees and costs equal to the amount allowed by State Law to collect
any amounts due under this Agreement (20% in FL).
8. LENDER RELATIONSHIP The insured acknowledges that PAC is a lender and is not
an insurance agent nor an insurance company and that this Agreement is a
financing Agreement and is not an insurance policy or a guarantee of insurance
coverage.
9. PREPAYMENT If the balance of the amount due under this contract is paid off
prior to maturity, the insured may receive a refund of unearned finance charge
computed in accordance with the Rule of 78's (actuarial method in
AZ,CA,IO,ME,MA,MT,NJ,OR,PA,VT; short rate in SC) after deducting any fully
earned charges permitted by applicable State Law ($20 in FL).
10. ADDITIONAL PREMIUMS PAC may advance to the insured's agent or the insurance
company any additional premiums that may become due, less normal down payment,
adding the advance amount, plus any finance charge, to his/her present contract
balance. However, any additional premium which is owed to the insurance company
(ies) named in the Scheduled Policies of Insurance as a result of any type of
misclassification on risks, and which is not paid in full or financed on his
Agreement, may result in cancellation of the coverage for nonpayment of premium.
11. PAC LIABILITY PAC is not responsible for consequential damages resulting
from cancellation by PAC of the Scheduled Policies of Insurance if the
cancellation was done in accordance with applicable State Law. The insured shall
be responsible for reasonable attorney's fees and expenses for any unsuccessful
action filed by an Insured under this provision.
12. INSUFFICIENT FUNDS CHECK If allowed by State Law, a returned check fee will
be charged for each check returned to PAC for insufficient funds ($25 in MD &
NC; $20 in AR,CO,GA,ID,IN,VA; $15 in FL, LA, MS, NV, SD; $10 in AZ, MA, OH, OK;
$5 in CA) If a check is returned, it will not be automatically redeposited to
prevent cancellation of the insurance policies. If PAC does cancel the Scheduled
Policies of Insurance for nonpayment, the insufficient funds check may be
redeposited after cancellation to reduce any unpaid balance due under this
agreement.
13 WARRANTIES OF INSURED Insured warrants to PAC that (a) each of the Scheduled
Policies of Insurance have been issued or a binder of full force and effect has
been issued; (b) he has not any will not assign or encumber the unearned premium
of the Scheduled Policies of Insurance to anyone else nor grant anyone else
power of attorney to cancel the Scheduled Policies of Insurance until this
Agreement is paid in full (c) all rights conferred upon PAC shall inure to PAC's
successors or assigns and (d) no proceeding in bankruptcy has been instituted by
his/her/them.
14. ASSIGNMENT This Agreement may be assigned by PAC as allowed by State Law and
the assignee has the rights as PAC does under this Agreement. Th Federal Equal
Credit Opportunity Act prohibits creditors from discriminating against credit
applications on the basis of sex or marital status. The federal agency which
administers compliance with this law concerning this premium finance company is
the Federal Trade Commission, 000 Xxxxxxxxx Xx., XX, Xxxx 000, Xxxxxxx, XX
00000. DOCUMENTARY STAMPS REQUIRED BY LAW IF ANY ARE AFFIXED TO MONTHLY JOURNAL
AND CANCELED.
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