I agree. I work for US Premium Finance and we have pre and post funding verification procedures. These procedures allow us to offer aggressive rates and terms to our agent partners.
Why didn’t the Finance Company verify the 38 insured’s phone numbers and/or address? Where were the invoices being sent to? Were the invoices coming back as returned mail? Did the Finance Company try to call any of the insureds? I am sure all the phone numbers were bogus. If the phone and addresses were good, then 38 people would be contacting the finance company immediately asking why they were being billed for insurance they didn’t need.
Why didn’t the Finance Company verify the policies existed with the insurance carrier?
I agree. I work for US Premium Finance and we have pre and post funding verification procedures. These procedures allow us to offer aggressive rates and terms to our agent partners.
Wonder if there were any claims on the fake policies? Don’t think the agency E&O would cover for fraud by the agent.
wut?
P. T. Barnum said it best!
Also, “Do not put the wolf in charge of the sheep.” :(
Why didn’t the Finance Company verify the 38 insured’s phone numbers and/or address? Where were the invoices being sent to? Were the invoices coming back as returned mail? Did the Finance Company try to call any of the insureds? I am sure all the phone numbers were bogus. If the phone and addresses were good, then 38 people would be contacting the finance company immediately asking why they were being billed for insurance they didn’t need.
It’s obvious the agent also owned the finance company.