Exams / Illinois Casualty Insurance Producer License / 215 ILCS 5/143.12a
215 ILCS 5/143.12a — what it says, and how the exam tests it
This section is cited by 3 of our practice questions and is tested on the Illinois Casualty Insurance Producer License.
The text
215 ILCS 5/143.12a. (from Ch. 73, par. 755.12a) Sec. 143.12a. Automobile insurance; pro rata refund of unearned premium. (a) In the event of the cancellation of a policy of automobile insurance, as defined in Section 143.13, by either the company or the policyholder, the company shall refund the unearned premium pro rated to the date of cancellation. In no event may the refund of unearned premium be computed by use of a short rate table. Refund of the premium shall be without prejudice to any claim arising prior to the cancellation. (b) The refund shall be made by the company within 30 days from the following: (1) the date of the notice of cancellation by the company; or (2) the date the company receives the request for cancellation from the policyholder. (Source: P.A. 86-1408.)
Public record. Read the full, current section at the official source: www.ilga.gov
How it comes up on the exam
Practice questions written from this section — answers and explanations are in the drill.
- Under Illinois law, when an automobile insurance policy is cancelled by either the company or the policyholder, the company must refund the unearned premium within how many days?
drill Illinois Statutes and Regulations Pertinent to Casualty Insurance Only → - Under the Illinois Insurance Code, when computing the refund of unearned premium upon cancellation of an automobile insurance policy, which method must the company use?
drill Illinois Statutes and Regulations Pertinent to Casualty Insurance Only → - Under 215 ILCS 5/143.12a, when an automobile insurance policy is cancelled by either party, how must the unearned premium refund be calculated?
drill Illinois Statutes and Regulations Pertinent to Casualty Insurance Only →