Common Questions

Get Appointed

Complete our Agency Approval Packet via DocuSign by clicking on the link. Once reviewed and accepted we have two options for providing finance agreements.


1. The agency can produce finance agreement by utilizing our online agency platform on demand.



2. Provide
NIC Premium Finance with the quote(s) from the Managing General Agents via e-mail or fax and we will complete an agreement and send it to you.

Can I make payments online?

Yes, access our site via the insured login to see our web payment options. You can make echeck and credit card payments 24 hours a day.

When is my next installment due?

Check your online invoice as well as your payment history to date. Access this information by logging in and selecting Payment History. Your login credentials are your contract number and the zip code we have on file.  If you are still unsure give us a call!

Once a finance quote is received from NIC Premium Finance what are the next steps?

1. Review the finance agreement for accuracy and content.

2. Present the insured with the finance agreement and have the insured sign and date the agreement. Your agency will also need to sign and date the agreement.

3. Collect the down payment from the insured as indicated on the finance agreement while obtaining signatures.

4. E-mail, fax, or send via USPS the executed finance agreement to our office.

5. If you have collected the down payment from the insured, retain your commission and remit the difference to the Managing General Agent. Our company will fund the financed amount as indicated on the finance agreement.

Where do I send the down payment?

The simplest solution, if your agency is collecting the down payment, is to withhold your commission from the down payment collected and remit the remaining funds to the Managing General Agent. NIC Premium Finance will then fund the Managing General Agent listed on the finance agreement the financed amount. Please contact our office should you have any additional questions.

Why is my down payment more than my monthly installments?

The down payment provides equity in the insurance policy. NIC Premium Finance submits payment for insurance policies, in full, at the inception of the loan. Should you fail to submit payments to NIC, as required, the insurance policies which our Company is financing will be requested to be cancelled and the down payment provides the equity needed to collateralize the loan.

What is a Minimum Earned Percentage (MEP), does my policy have a MEP, and how does this effect me?

MEP's are determined by the insurance companies not NIC Premium Finance. The minimum earned portion of the insurance policy is earned on the effective date of the policy and will not be returned if the insurance policy cancels for any reason. Check your policy documents or call your insurance agent to inquire if your policy has a MEP.

Pure Premium Policy Cost - 1,000.00    
Policy Effective Date - January 1st                 
Minimum Earned Percentage - 25%

Estimated Earned Premium  based on various Cancellation Dates:
January 2nd - 250.00
January 31st - 250.00
March 31st - 250.00

I received a notice of intent to cancel for a particular insured, are they still delinquent?

Agents with online access can obtain payment status and account details by logging in and selecting "Active Agreements" Then "Payment Histories" from the drop down list. If you are still unsure feel free to give us a call.

I cancelled my insurance policy do I still need to make the monthly payment?

The answer depends on the cancellation date, thus this can't be answered with a simple yes or no. Once the policy is cancelled the insurance company will send all cancellation credits to our company which we will apply to your account. If a balance due still remains after all credits have been applied, NIC Premium FInance will be forced to collect the difference immediately.  Conversely, should a credit balance remain on the account a check will be issued to you due to overpayment.

My insured modified coverage and there is now an endorsement to their policy can we finance the endorsement?

Typically the answer is yes. We will provide you an endorsement finance agreement with the updated figures. Please e-mail the endorsement invoice or quote to our company to expedite processing of the endorsement agreement.

Can I list multiple policies on one finance agreement?

Yes, you can add multiple policies to one agreement. This is a great way to reduce the number of payments your insureds have to keep track of.

Who do I need to speak with regarding claims or detailed policy information?

You will need to contact your insurance agent directly. NIC Premium Finance provides premium financing services only.  NIC is not affiliated with your insurance agent and does not have the ability to submit claims nor do we have any policy specific information on hand.

Can you accommodate Semi-Monthly, Quarterly, and Semi-Annual Payments?

Yes, we offer monthly, semi-monthly, quarterly, and semi-annual payment plans. The down payment varies due to the payment frequency selected.

The Insured dropped off an installment payment to our Agency. How can I get the funds to NIC Premium Finance ?

Agents have the ability to submit E-Checks Online from their Agency Trust Account. Login and navigate to "Active Agreements" then select "Payment Histories - Active Accounts" from the drop down menu. Locate the specific account you wish to submit payment for and select the agency payment icon.  There is not a charge for this service.

What if the Insured Cancels their policy with our Agency?

You will need to inform NIC Premium Finance of the cancellation. We are not notified by the insurance companies when policies are cancelled at the insured request. Please forward the Loss Policy Release to us for our records. We will not list an agreement as cancelled unless we receive the sigend Loss Release from your agency.

Does the Checklist have to come with every finance agreement?

No - Once logged in as an agent user, navigate to your profile (in the top right portion of the site). You can change the default for the checklist from your profile page. The changes only effect that specific user modified not the agency as a whole.