A. A revocation, suspension or surrender of any license does not impair or affect the obligation of any preexisting premium finance agreement between any licensee and insured.

Terms Used In Arizona Laws 6-1409

  • Insured: means any person covered under an insurance contract or other evidence of insurance coverage subject to regulation under title 20. See Arizona Laws 6-1401
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Premium finance agreement: means a written agreement by which an insured or prospective insured agrees to pay to a premium finance company the amount advanced or to be advanced under the written agreement to an insurance producer in payment of premiums of an insurance contract together with interest or discount and a service charge as authorized and limited by this article. See Arizona Laws 6-1401

B. If any provision of this article is amended or repealed in a manner that results in a cancellation of any license or right of a licensee to service premium finance agreements the cancellation does not impair or affect the obligation of any preexisting premium finance agreement between the licensee and the insured.

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