FREQUENTLY ASKED QUESTIONS

What if the insured wants a lower down payment? The down payment that was quoted is the lowest possible option. Therefore, it can not be lowered.

The quoted premium has increased. Now what? 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 unchanged.

The quoted premium has decreased. Now what? 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.

The insured wants their bills mailed to a different address. Can I change the address on the contract? YES. It is better to change it now than to have the bills sent to the wrong place.

I received my quote two weeks ago and the insured just came in to bind coverage. Can I change the effective date? YES. It is OK to change the effective date. The first due date should also be changed so that it is one month from the due date.

The insured payments are due on the first, but he would prefer that they come due on the tenth. Is this possible? YES. However, the contract needs completely recalculated and must be re-issued before it is signed. Once the contract is signed and returned, the payment due date can not be revised.

My insured just added a unit, can the additional premium be added to the financing. 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 endorsement contract.

Will Mt Top accept faxed or scanned copies of the signed contract? No. Not at this time. We continue to monitor the acceptance of copied signatures, however at this time, we feel that it is in everyones best interest to require original signatures.

Who is responsible for collecting the down payment. The agent should collect the down payment when the contract is signed. Financing can not be accepted until a down payment is collected.

Who is the down payment made payable to? The insured has two choices, they can either make a down payment check payable to your agency or the check can be made payable to Mt Top Premium Finance.

Can I deduct my commission from the down payment. 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.

Can my agency hold the down payment check until I receive my monthly statement from Interstate? 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.

Where do I send the signed contract and down payment? Both Mt Top and Interstate are in the same building. Send the signed contract to either Mt top or Interstate at 2307 Menoher Blvd. Johnstown PA 15905.

Can I send the signed contract to the MD office? 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.

If the insured pays the down payment to Mt Top, how do I get my commission? Mt top will pay Interstate the gross amount of the policy. Interstate will send your office a commission check.

Once financing is accepted, will Mt Top pay Interstate or will they pay my agency? Mt Top will pay Interstate Insurance.

If Mt Top is paying Interstate, then why is Interstate sending me an invoice? 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 agency’s business

What do I do if the insured wants to pay more down payment? 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.