Frequently Asked Questions

Insured FAQ

• As an insured, how do I get started?
  Talk to your agent or search for an agent near you.
• What payment options are available?
  Up to 9 payments can be financed on an annual policy and up to 3 payments on a semi-annual policy.
• How much is the down payment?
  The down payment equals 25% or the minimum earned plus all fees.
• Do you offer personal policies?
  Cornerstone does not offer personal premium insurance policies. If you’re seeking a personal policy check with your agent or banker.
• Can I make online payments?
  Online payment is not currently available. You can pay by calling our toll free payment number 888-735-5764 ext. 320 or 290, during our business hours, 7:45-4:30, Monday through Friday. Payments can be made using Visa, Master Card or debit card.

Prospective Agent FAQ

• How do I start the process of becoming an agent?
  Download and complete our Premium Finance Application Package and submit it. After processing and approval you’ll be issued an ID and password for the system and a Cornerstone representative will train you how to use it. Learn more about becoming a Cornerstone Finance Company agent.
• How much commission do I get paid?
  Cornerstone Finance pays 10% of the finance charge in commissions to our agents up front. We work to turn around those commissions in a timely fashion. All commissions reported by the end of the month are processed and paid out by the 10th of the following month.
• What is the turnaround time?
  One business day.
• How will I receive funds?
  Funds can be paid by check or direct deposit to the financed, agent or broker.
• Do you finance work comp insurance policies?
  Yes, Cornerstone finances up to 60% of the pure unearned premium. We require 40% down and prefer to finance work comp premiums over 7 months.
• What fees to you charge?
  We charge a $10 origination fee that’s fully earned.

Agent FAQ

• How do I submit a quote/finance contract?
  First, double check that the insured’s signature is on the quote/finance contract. Then fax, scan and email or send by regular mail. View our contact page for specifics.
• Do you offer EFT?
  We do not offer EFT. We do however accept payment via check, cashiers check and money order free of charge. For a nominal fee we also accept Master Card or Visa.
• How does Cornerstone handle cancellations?
  Cornerstone follows the guidelines for the division of finance and insurance. We send a notice of cancellation to the carrier. When and if the account is brought up to date in clear funds a request for reinstatement can be made. If a policy is cancelled any unearned premium will be sent back to Cornerstone to cover the loan balance, the agent will refunded directly if there’s any remaining. Cornerstone does not send funds back to the customer; our agents are responsible for returning any remaining funds at their discretion.
• What is needed to reinstate a policy?
  The account must be brought up to date in clear funds before a request reinstatement can be granted.