When binding a policy under a business entity name, please use a bank account associated with the entity to ensure that you can deposit a check as the payee. The bound entity name on the policy is the same name that a refund will be issued to. An incorrect theory regarding issuing refund checks, the refund check can automatically be endorsed to an individual, rather than a business. To request a refund check written to a name other than the entity name, accounting would require documentation/proof and the process could take weeks.
If a check with the incorrect payee was issued/mailed, accounting would need the original check returned to void. Upon receipt of the voided check, accounting would then process a replacement check (resulting in a delay until the insured receives their funds).
To avoid delay in receiving a refund, please confirm that the most recent mailing address is on file. Agents, please keep us posted on address updates and insureds please contact your agent to update your mailing address. Thank you for working with Statewide!