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Guidelines and Policies - For Agents

Prepare quotes and loan agreements quickly and easily
Mepco has developed the most user-friendly, error-free software in the premium finance industry to assist agencies in preparing quotes and loan agreements. To obtain this software, contact Mepco and we will be happy to send it to you.
  
Mepco will also provide immediate response to faxed and telephoned quote requests. Download quote forms... coming soon.

Produce instant quotes and loan agreements:
Join our new Agency Management Bridge Program
Your agency may qualify for Mepco's new Agency Management Bridge Program, offering revolutionary software that produces quotes and loan agreements instantly from data imported from your agency management system. For more information, call our marketing department at 888-229-2623 to see how this new product can benefit your agency.

Loan processing:
How to submit a loan application
To ensure the fastest, most expedient loan processing, please submit a properly completed premium finance agreement including:
  • Agency and insured signatures (Note: In the following states, agencies may execute premium finance agreements on behalf of insureds: Need list of states.)
  • Complete names and addresses of insurance companies, managing general agents and surplus lines broker
  • Premiums, taxes and fees listed separately
  • Policy term and type
  • Policy provisions regarding minimum earned premium, if any, and required cancellation notice for non-payment
  • Policy number(s)
  • Installments due within 10 days or advise of retention

Additional premiums may be added to existing loan agreements if:

  • There are three or more remaining payments on the original agreement.
  • The additional premium is $350 or more for commercial loans.
  • The additional premium is $150 or more for consumer loans.
Loan payment processing and status:
How to ensure prompt processing
It is important to remit payments to Mepco on time to ensure they are credited to the account; this also avoids the possibility of late fees or policy cancellation due to delinquent payments.
  
Payments should be submitted with a coupon. Be sure to include the account number on the check. Please send all payments to the following address to ensure prompt posting:
  
     Mepco Receivables Corporation
     21259 Network Place
     Chicago, IL 60673-1212

Check your loan status 24-7
You can check account information any time using our automated voice response phone system or by accessing your account. (link)
  
If you are an agent, you will be assigned a user name and password to access information and print reports for all of your financed accounts. To help agencies avoid cancellations, Mepco faxes a list of delinquent accounts each week.

 

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