Time permitting, it would be best to get a revised contract with the correct premium. If the
contract has already been signed and policy has been accepted for financing then adjustments will need to
be made. Like any other loan, the insured can not get more money unless they sign more papers.
Therefore and endorsement to the contract will need generated, signed and returned. If the difference is
small, the insured may decide that they just want to pay the entire difference and leave the financing
Once again, if possible, the ideal situation would be to get a revised contract. If the contract has
already been signed and policy has been accepted for financing then adjustments will need to be made. If
the policy premium is lower than the financed premium, the Interstate will receive more money than it
needs from Mt Top. The overpayment will be returned to Mt Top and applied to the loan balance. It may
be necessary for Interstate and the agent to reconcile commissions.
In most cases, yes. There are exceptions. However, it is important to note that like any other loan,
you do not get more money unless you ask for it an sign more papers. Call, fax or e-mail Mt Top for the
This depends on whether the insured made the down payment check payable to Mt Top or to your
agency. If the insured made the down payment check payable to Mt Top, then the gross down payment and
the signed contract should be sent in together. No commission should be deducted since the finance
company is not the entity paying commission. If the insured pays your agency, then you should deposit the
check and write an agency check payable to Interstate Insurance. If you wish, you may withhold your
entire annual commission from the down payment.
YES. However, if you do not send in a down payment with the contract, you will receive a fax or
an e-mail confirming that your office did collect the down payment. Remember, financing will not be
accepted until we are sure that a down payment has been collected.
You can, however, they will simply forward the contract to the Johnstown office. Nothing is
processed until the original signed contract is in the Johnstown office. It is much quicker to send the
contract and payments directly to the Johnstown office. It also reduces the chances of the contract getting
lost in the mail.
Mt Top and Interstate are two separate entities. Interstate must still generate an invoice so that
their receivables and payables are still in order. The invoice also helps Interstate get commissions credited
to the correct place and allows Interstate to run various production reports on your agencyâ€™s business
If possible, the best option is to attempt and get a revised contract. Once a contract is quoted,
revisions can be made very quickly. If you can not get through to Mt Top and do not want to hold up the
insured, simply write the collected down payment on the contract. Mt Top will revise the down payment
upon receipt of the signed contract.
Mountain Top Premium Finance Inc 2307 Menoher Boulevard Johnstown, PA 15905