(1) In the absence of default of the insured, the premium finance company holding the agreement may, arbitrarily and without reasonable cause, accelerate the maturity of any part or all of the amount owing thereunder;
(2) A power of attorney is given to confer any authority to perform any act other than to request cancellation for nonpayment of premium; or
(3) The insured relieves the insurance agent or the premium finance company holding the agreement from liability for any legal rights or remedies which the insured may otherwise have against her or him.
History.—s. 1, ch. 63-16; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 2, 3, ch. 81-318; ss. 606, 612, 809(2nd), ch. 82-243; s. 79, ch. 82-386; s. 114, ch. 92-318; s. 370, ch. 97-102.
Structure Florida Statutes
Chapter 627 - Insurance Rates and Contracts
Part XV - Premium Finance Companies and Agreements (Ss. 627.826-627.849)
627.826 - “Premium finance company” defined.
627.827 - “Premium finance agreement” defined.
627.829 - Approval, disapproval of application; license renewal.
627.832 - Grounds for refusal, suspension, or revocation of license.
627.835 - Excessive premium finance charge; penalty.
627.836 - Licensee’s books and records; reports.
627.838 - Filing and approval of forms; service charges.
627.839 - Form and content of premium finance agreements.
627.840 - Limitation on service and other charges.
627.8405 - Prohibited acts; financing companies.
627.841 - Delinquency, collection, cancellation, and check return charges; attorney’s fees.
627.842 - Restrictions on premium finance agreements.
627.843 - Delivery of copy of premium finance agreement.
627.844 - Assignment of premium finance agreement.
627.845 - Statement of account; receipts.
627.847 - Extensions or deferrals.