§ 6216.2. Contract for services of public adjuster--Cancellation
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 6216.2
§ 6216.2. Contract for services of public adjuster--Cancellation
B. Cancellation occurs when the insured gives written notice of cancellation to the licensed public adjuster at the address stated in the agreement between the parties. Notice of cancellation may be given by mail and is given when deposited in a United States mailbox properly addressed and postage prepaid. Notice of cancellation must contain the written intention of the insured to cancel the agreement. No liability accrues to the insured when the agreement is canceled within said period, except for reasonable expense incurred by the public adjuster in preserving the damaged premises during the said three-day period. Anything of value given by the insured under the contract shall be returned to the insured within fifteen (15) business days following the receipt by the public adjuster of the cancellation notice.
C. Every contract for services to be rendered by a public adjuster shall contain the following statement. It shall be in boldface ten-point or larger type and located conspicuously on the front face of the contract. “THIS CONTRACT MAY BE CANCELED WITHIN THREE (3) DAYS AFTER THE INSURED PARTY HAS RECEIVED AN ORIGINAL SIGNED COPY OF THIS AGREEMENT”.
3. Be entitled only to reasonable compensation from the insured for services provided by the public adjuster on behalf of the insured, based on the time spent on a claim and expenses incurred by the public adjuster, until the claim is paid or the insured receives a written commitment to pay from the insurer.
1. Allows the public adjuster's percentage fee to be collected when money is due from an insurance company but not paid, or that allows a public adjuster to collect the entire fee from the first check issued by an insurance company, rather than as a percentage of each check issued by an insurance company;
Credits
Laws 1993, c. 248, § 6, eff. Sept. 1, 1993; Laws 2015, c. 297, § 3, eff. Nov. 1, 2015.
36 Okl. St. Ann. § 6216.2, OK ST T. 36 § 6216.2
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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