5 Miss. Code. R. 3-1.5 - Insurance Claims

A Licensee shall maintain the following information and documents for all insurance claims:

1. A Fire Marshal's report or dated published public notification of the fire or loss and a list of collateral covered by insurance with an individual valuation of each item pledged at the time of the loan closing for all claims on property insurance

2. A copy of the death certificate or a dated published public notification of the death for all claims on credit life insurance

3. An original paid check issued by the Licensee to the borrower or beneficiary and/or a copy of the check issued by the insurance company to the borrower or beneficiary indicating proper endorsements or a signed receipt from the borrower or beneficiary for benefits paid by the Licensee and/or insurance company indicating the total amount of the payment or refund

4. A copy of all insurance policies written in connection with a loan and a notification or certificate of cancellation of the policy

5. Proof of refunds of any unearned premiums as of the date of the loss; In the event the insurance does not pay the loan in full, all other insurance policies may remain in effect until the loan is paid.

6. A copy of the borrower's payment history

Notes

5 Miss. Code. R. 3-1.5

Miss. Code Ann. § 75-67-129; Miss. Code Ann. § 75-67-243; Effective date March 30, 2006