Refund Policy
Effective Date: January 1, 2026
Professional Insurance Solutions, LLC ("Company," "we," "our," or "us") is committed to transparency regarding insurance billing practices, policy cancellations, applicable fees, and refund procedures. This Refund Policy applies to all insurance products and services facilitated through our agency. Please read this policy carefully before purchasing any insurance product through our agency.
1. Nature of Insurance Products
Insurance policies facilitated through Professional Insurance Solutions, LLC are issued by and through third-party insurance carriers and underwriting companies. As an independent insurance agency, we act as an intermediary between clients and insurance carriers. All insurance policies, premiums, refunds, and cancellations are ultimately subject to the terms, conditions, and procedures established by the issuing insurance carrier, applicable state insurance regulations, and the specific policy documents issued to the policyholder. Our agency does not issue insurance policies directly and does not hold insurance premiums on behalf of carriers.
2. Policy Cancellation Requests
Policyholders who wish to cancel an insurance policy should contact our agency as soon as possible. Policy cancellation requests are subject to:
- •Carrier-specific cancellation procedures and timelines
- •Applicable state insurance laws and regulations governing cancellation rights
- •Required written notice of cancellation as specified in the policy documents
- •Identity verification requirements to prevent unauthorized cancellations
- •Completion of any carrier-required cancellation forms or documentation
- •Satisfaction of any outstanding premium obligations
We will assist policyholders in submitting cancellation requests to the appropriate insurance carrier and will communicate any carrier-specific requirements or timelines. However, the effective date of cancellation and any associated refunds are determined by the carrier in accordance with the policy terms.
3. Refund Eligibility
Refund eligibility for insurance premiums depends on multiple factors and is determined by the issuing carrier in accordance with the policy terms. Key factors that affect refund eligibility include:
- •The type of insurance policy and the carrier's cancellation rules
- •Whether the policy is cancelled by the policyholder or the carrier
- •The timing of the cancellation relative to the policy effective date and expiration date
- •The unearned premium calculation method used by the carrier (pro-rata or short-rate)
- •Whether any claims have been filed under the policy during the coverage period
- •Applicable state insurance regulations governing premium refunds
- •Whether the policy was financed through a premium finance company
In general, policyholders who cancel mid-term may be entitled to a refund of the unearned portion of the premium paid, subject to the carrier's applicable calculation method. Pro-rata cancellations return the exact unused portion of the premium. Short-rate cancellations apply a penalty for early cancellation and return less than the full pro-rata amount.
4. Non-Refundable Fees and Charges
Certain fees and charges associated with insurance transactions may be non-refundable, including:
- •Agency administrative or service fees charged at the time of policy issuance
- •Brokerage fees or placement fees for specialty or surplus lines coverage
- •Policy issuance fees charged by the insurance carrier
- •Premium finance company fees and interest charges where applicable
- •Short-rate cancellation penalties applied by the carrier
- •State-mandated taxes and surcharges included in the premium
The non-refundability of specific fees is subject to applicable state law. In jurisdictions where certain fees are required by law to be refundable under specific circumstances, we will comply with those requirements.
5. Refund Processing Timeline
Approved premium refunds are processed by the issuing insurance carrier, not by our agency directly. Refund processing timelines vary depending on the carrier, the payment method used, and the banking institutions involved. Typical refund processing timelines range from 7 to 30 business days following the carrier's approval of the cancellation and refund calculation. Refunds are generally issued via the same payment method used for the original premium payment (e.g., check, credit card, electronic funds transfer). Our agency will communicate any refund amounts and timelines provided by the carrier as promptly as possible.
6. No Guarantee of Refund Approval
The submission of a cancellation or refund request to our agency or directly to an insurance carrier does not guarantee approval of a refund. Refund determinations are made solely by the issuing insurance carrier in accordance with the terms of the insurance policy, carrier guidelines, and applicable state insurance regulations. Our agency does not have authority to approve, deny, or override carrier refund decisions. We will, however, advocate on your behalf and assist in resolving any disputes regarding refund amounts or processing.
7. Premium Finance Arrangements
If your insurance premium was financed through a premium finance company, the cancellation and refund process may be subject to additional terms and conditions imposed by the premium finance agreement. In the event of a policy cancellation, any unearned premium refund may be directed to the premium finance company to satisfy the outstanding financed balance rather than being returned directly to the policyholder. Any remaining balance after satisfying the financed amount would then be returned to the policyholder. Please review your premium finance agreement carefully for specific terms.
8. Fraud Prevention and Review
All refund and cancellation requests may be subject to review for fraud prevention and compliance purposes. We reserve the right to verify the identity of the requesting party and to investigate any request that appears suspicious or inconsistent with the policy information on file. Fraudulent refund or cancellation requests may be reported to the appropriate insurance carrier, regulatory authorities, and law enforcement agencies. Submission of false information in connection with a refund or cancellation request may constitute insurance fraud under applicable state and federal law.
9. Carrier Authority and Independent Procedures
Insurance carriers maintain independent refund, cancellation, and billing procedures that may supersede agency-level policies where applicable. Each carrier operates under its own set of guidelines, state-approved policy forms, and regulatory requirements. In the event of any conflict between this Refund Policy and the terms of a specific insurance policy or carrier guidelines, the insurance policy terms and applicable carrier guidelines shall control. We encourage policyholders to review their insurance policy documents carefully and to contact our office if they have questions about their specific policy's cancellation and refund provisions.
10. Disputes and Complaints
If you have a dispute regarding a refund, cancellation, or billing matter, please contact our office directly so that we can assist in resolving the issue. If you are unable to resolve a dispute through our agency, you have the right to file a complaint with the North Carolina Department of Insurance. The North Carolina Department of Insurance regulates insurance companies and agents operating in the state and may be able to assist in resolving consumer complaints regarding insurance billing and refund matters.
11. Contact Information
For questions regarding billing, cancellations, or refunds, please contact us:
Professional Insurance Solutions, LLC
4818 Six Forks Road, Suite 102
Raleigh, NC 27609-5255
Phone: 580-258-5040
Email: owner@professionalinsurancesolutionsllc.com
Office Hours: Monday – Friday 8:00 AM – 6:00 PM | Saturday 9:00 AM – 2:00 PM EST