The insured canceled their policy. How can they expect their refund and when will they receive it?

When an insured cancels their policy, there are specific processes and timelines for refunds that depend on the type of cancellation and the receipt of funds from carriers. Refunds are processed through Pathpoint's payment processing partner, Ascend.

For voluntary cancellations (initiated by the insured for any reason), the agency should request a cancellation within their portal. Here's how:

1. Click on Policy Management and select Request policy cancellation

   

2. Select the policy you wish to cancel, the date, and reason.

   

3. When you hit Submit, you will see a green message that your request was received.

4. Once the policy is canceled and the cancellation invoice is received, the process for cancellation within PathPay (powered by Ascend) can proceed.

   • All funds, including any unearned commissions, must be returned to Pathpoint before a refund can be issued to the client.

   • Refunds are typically processed within 30-90 days from the cancellation of the policy, contingent upon the return of funds to Pathpoint.

   • For policies that were financed, any return funds will first apply towards the client's loan balance, with any remaining balance refunded to the client by check, which may take additional time for delivery.

In cases of disputes or chargebacks related to cancellations, it's crucial that disputes are resolved and that Pathpoint receives the return premium to finalize the refund process. Pathpoint will not process refunds on programs with active disputes. It's also noted that disputes can extend the refund timeline due to the bank's investigation period, which can last 2-3 months.

For additional information, you can visit Ascend's page on Cancellations and Disputed Charges.

Ascend- Cancellations and Refunds

How can I cancel a policy?

How do I find Minimum Earned Premium (MEP) or the estimated pro-rated refund amount?

Ascend User Management