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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 365. Insurance Department |
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Chapter 25. Other Licensees |
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Subchapter 3. Producers, Brokers, Limited Lines Producers and Vehicle Protection Product Warrantors |
SECTION 365:25-3-20.2. Cancellation language for vehicle protection product contract forms
Latest version.
- If a vehicle protection product contract contains a cancellation provision, the cancellation provision shall provide for a refund as described in this section. In the event the contract is canceled by the warranty holder, return of premium shall be based upon ninety percent (90%) of the unearned pro rata premium less the actual cost of any service provided under the contract. In the event the contract is canceled by the vehicle protection product warrantor, return of premium shall be based upon one hundred percent (100%) of unearned pro rata premium less the actual cost of any service provided under the contract.