Legal Question in Credit and Debt Law in North Carolina

I had an unemployment insurance policy on a loan from citifinancial and it paid about 650 dollars in claims. We recently refinanced this loan after one year and one month of paying on it . The policy was for the duration of the previous loan and cost over 1400 dollars. It was payed off in the balance. We were told by citifinancial that under nc statutes we are not intitled to any refund since a claim was filed on this insurance . Is that true?


Asked on 6/02/11, 1:56 pm

1 Answer from Attorneys
Rachel Hunter

This is not really a credit, debt or collection issues. Its an insurance question and I don't handle these types of questions.

My take on this is that if you buy insurance of any kind and don't have a claim, the insurance doesn't refund your premium. You pay for the peace of mind knowing that you are protected in case something did happen and you would need the insurance.

Why would you expect some kind of refund here? Insurance is governed by what the policy says. Start with reading your policy to see what it says about refunds.

I would also see if you can ask an Employment lawyer or the Employment Security Commission of NC.

Here is a link to the employment statutes and I don't see anything in there, but check for yourself.

http://www.ncleg.net/gascripts/Statutes/StatutesTOC.pl?Chapter=0096

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Answered on 6/02/11, 4:34 pm


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