Delaware Code Title 18 (Insurance Code) Chapter 48, Secs. 4801-4812: Premium Finance Companies

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Delaware Code Title 18 (Insurance Code) Chapter 48 - Premium Finance Companies (Secs. 4801-4812) is a state statute published by Delaware General Assembly, Delaware Code Online (delcode.delaware.gov). It is one of the Delaware documents that insurance license exam questions are written from, including delaware property & casualty, delaware personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 18 Del. C. § 4809(d) (Cancellation of insurance contract upon default)

  “No policy may be cancelled by a premium finance company solely because of nonpayment of a delinquency or collection charge provided for in this chapter.”

• 18 Del. C. § 4808 (Delinquencies and cancellation charges)

  “A premium finance agreement may provide for the payment by the insured of a delinquency charge per installment of at least $1.00 but which may not exceed a maximum charge of 5% of the delinquent installment or $5.00, whichever is less, for each installment which is in default for a period of 10 days or more.”

• 18 Del. C. s. 4809(b), (c) (Cancellation of insurance contract upon default)

  “(b) Not less than 10 days’ written notice shall be mailed to the insured at the insured’s last known address of the intent of the premium finance company to cancel the insurance contract unless a default is cured within such 10-day period. (c) After the expiration of such 10-day period, the premium...”

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