the customer never carried through with the cancellation
They (the customer) needs to contact Insurance Co. A for any refunds they may be due. If they did not properly cancel the policy then they may not be entitled to any refund from Co. A.
then in August of the same year receives a premium due from Insurance Company B.
If you had no record of Co. B why would you pay a premium (within 5 months of paying Co. A) without a follow-up with your borrower?
Regardless though the cancellation and any potential refund from Co. A is between them and the borrower.
Last edited by Dan Persfull; 09/15/14 01:27 PM.
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The opinions expressed are mine and they are not to be taken as legal advice.