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First Insurance Funding is the insured's premium finance company, what happens now?

When First Insurance Funding becomes the insured's premium finance company and the loan is booked, they will issue a notice of acceptance and send a welcome packet to the insured via email. This packet will contain instructions on how to:

  • View the loan details online
  • Make loan payments online
  • Sign up for recurring ACH/credit card payments
 

By following these instructions, the insured will be able to manage their loan payments and accounts more efficiently.

 

For additional premium endorsements with First Insurance Funding, take note of these important updates:

 

Policy Loan Status: If your policy loan isn't up to date, an endorsement cannot be added. To proceed, reach out to First Insurance Funding to bring your loan current.

 

Additional Premium (AP) Amount: If your AP is less than $10,000, or your company type is Agency Bill, automatic binding will occur. For APs above $10,000, we'll make an API call to First Insurance Funding for loan approval. You will then see a status update to “Pending Payment” and a “Track Payment Status” button. An email prompt will guide the policyholder to make a down payment for the endorsement via First Insurance Funding’s ePay link.

 

Payment Confirmation: Once we receive confirmation of your completed payment from the First Insurance Funding portal, the Cover Whale platform will automatically bind the endorsement.

 

Loan Installments: If there are no installments left on your loan, we will provide you with an ePay link to pay the AP.

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