Premium Refund?

[ArtemS]

I just started as a broker (different line of work I do but got the license because I bought a business that came with an insurance side) , and I received a "refund" from the agency I work with for a client's policy back in November 2012. I am supposed to refund it to the client right? How soon do I have to return it to the client and what if the client actually closed their business (recieved 3 refunds, one former client of the previous broker closed up). In that case what do I do with the premium?

Thanks and I literally started this month lol, I dont believe the pre-licensing courses really taught me anything in the actual conduct of business.

 

[BIG RED IS BACK]

is it YOUR money or the clients?

Doesnt matter if the business closed, as long as their isnt an earned premium due.

 

[WinoBlues]

Re phrase the question to yourself as " I have someone else's money. What should I do with it" Then you should be able to answer the question.