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Q&A
- Q: What is the maximum amount I can finance with out getting approval from IPF?
A: The maximum amount that can be finance with out approval is $25,000.00. For amounts over $25,000.00 contact IPF. - Q: What is the minimum amount I can finance?
A: There is not a minimum amount. - Q: What agent compensation options are available?
A: As the agent you can choose 0% to 2% override in 50 bases point increments. If you choose 1% then each loan you process will have 1% added to the IPF rate. For example: If IPF rate of 11.75% + agent compensation of 1% for a total rate to the customer of 12.75%. The system is currently set to default to 2% agent compensation. - Q: When will the agent compensation be paid?
A: Agent compensation will be paid in the month after the calendar year quarter. January, April, July, October. Any check under $25.00 will be mailed at the end of the calendar year. - Q: Will the agent receive compensation on every premium finance contract?
A: No. State laws very but currently in the state of Texas you will not receive compensation on contracts financing personal policies. - Q: What if the company or MGA I need is not in the system?
A: If the company or MGA that you need is not in the system and qualifies for acceptance by IPF, simple let IPF know and we will get them added. - Q: What do I enter for the policy number if it has not yet been issued?
A: Simply enter “TBD”. We will need you to forward the policy number to us upon receipt but it is fine to start with out it if it has not been issued. - Q: What payment options do I have for my customers?
A: We currently offer both monthly and quarterly payment options. Monthly has a first payment of 30 days from inception and can be from 1 to 10 payments in length. Quarterly also has a first payment of 30 days from inception with a choice of 1 to 3 payments. The customer also has the options of choosing ACH debit or receiving a coupon book to make their payments. - Q: What payment methods are available for my customer?
A: The customer currently has two different options 1) ACH automatic withdrawal from their account and 2) Payment coupons that can be mailed directly to the insured. While the FinancePro software currently shows an option for statements this option is actually not available. If this option is selected we will change to coupons and mail directly to the customer. - Q: How do I request a loan to be activated or issued?
A: Loans can be activated in several different ways.
1) Simple click on the loan activation request button within the loan system.
2) E-mail the request to premiumfinance@integrainsuranceservices.com
3) Fax a copy of the signed agreement to 1-800-748-8675
4) Phone in the request to 800-655-2159 or 800-655-2159 - Q: Where do I send the down payment I receive from the insured?
A: The down payment you receive from the insured will be forwarded to the appropriate Company or MGA that you are dealing with. We will then process the premium finance note and forward the remaining balance of the policy to the Company or MGA.