Extension to the insured or applicant for insurance of his credit with an insurer by a producer, agency, or producer of record constitutes the advancing of premiums within the meaning of this article and the premiums are considered to have been advanced as of the effective date of the policy or binder of insurance notwithstanding that the producer, agency, or producer of record remitted to the insurer at a different time or remitted to the insurer net of commission.
S.C. Code Ann. § 38-43-430
Extension of credit constitutes advancement of premiums
Applied in 2 court decisions — leading case State Farm Mutual Automobile Insurance v. Lindsay (1986)
Most recently applied in State Farm Mutual Automobile Insurance v. Lindsay (April 1986)
Former 1976 Code SECTION 38-43-430 [1947 (45) 322; 1952 Code SECTION 37-683; 1962 Code SECTION 37-683] recodified as SECTION 38-73-430 by 1987 Act No. 155, SECTION 1; Former 197…
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.