Common use of Financed Premiums Clause in Contracts

Financed Premiums. On all premiums that have been financed, JSA will remit payment for any return premium actually received by it, less applicable commission, directly to the finance company. The ultimate liability of JSA for payment to a finance company, PRODUCER, or INSURED shall never exceed the amount of return premium less applicable commission. PRODUCER agrees to hold JSA harmless from any responsibility for payment to the finance company and further agrees that financing arrangements do not diminish the responsibility for the timely payment of premium by the PRODUCER. Policy provisions prevail over premium financing contracts to the extent permitted by law. PRODUCER will be responsible for sending unearned commission to the Finance Company.