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Pennsylvania Statutes Title 40 P.S. Insurance § 3302. Definitions

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The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Commissioner.”  The Insurance Commissioner of the Commonwealth.

“Insurance premium finance agreement.”  An agreement by which an insured or prospective insured promises to pay to an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums and related loss prevention services of an insurance contract together with interest and a service charge as authorized and limited by this act.

“Insurance premium finance company.”  A person engaged in the business of entering into insurance premium finance agreements.

“Licensee.”  An insurance premium finance company holding a license issued under this act.

“Person.”  Includes an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company or any other group of individuals however organized.

Cite this article: - Pennsylvania Statutes Title 40 P.S. Insurance § 3302. Definitions - last updated January 01, 2019 |

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