§ 778 As used in this article, “premium financing” means engaging in the …
§ 778.1 As used in this article, “premium finance agreement” means a loan …
§ 778.2 (a) Any person engaged in business as an insurance agent or …
§ 778.3 The amount of the periodic finance charges, if any, imposed for the …
§ 778.4 (a) Every property broker-agent and every casualty broker-agent …

Terms Used In California Codes > Insurance Code > Division 1 > Part 2 > Chapter 1 > Article 5.8 - Premium Financing

  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Casualty broker-agent: means a person licensed pursuant to Section 1625. See California Insurance Code 33.5
  • Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
  • Contract: A legal written agreement that becomes binding when signed.
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Insurance agent: means a person authorized, by and on behalf of an insurer, to transact all classes of insurance other than life, disability, or health insurance, on behalf of an admitted insurance company. See California Insurance Code 31
  • 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.
  • Person: means any person, firm, association, organization, partnership, limited liability company, business trust, corporation, or company. See California Harbors and Navigation Code 19
  • Person: means any person, association, organization, partnership, business trust, limited liability company, or corporation. See California Insurance Code 19
  • premium finance agreement: means a loan contract, note, agreement, or obligation by which an insured agrees to pay to a lender in installments the principal amount advanced by the lender to an insurer or producer in payment of premium on an insurance contract or contracts, plus charges, with the assignment, as security therefor, of the unearned premiums, accrued dividends, or loss payments. See California Insurance Code 778.1
  • premium financing: means engaging in the business of advancing money, directly or indirectly, to an insurer or producer at the request of an insured pursuant to the terms of a premium finance agreement, wherein the insured has assigned the unearned premiums, accrued dividends, or loss payments as security for such advancement in payment of premiums on insurance contracts only, and does not include the financing of insurance contract premiums purchased in connection with the financing of goods and services. See California Insurance Code 778
  • Property broker-agent: means a person licensed pursuant to Section 1625. See California Insurance Code 33.5
  • State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC