Budget Premium Co. v. Inter-Insurance Exchange

This is a suit instituted by the plaintiff, Budget Premium Company, engaged in financing the payment of insurance premiums, to recover unearned premiums from the defendant, Inter-Insurance Exchange of Lake States, upon a cancellation of policies financed by Budget. For all practical purposes, the case was tried upon stipulations entered into by the parties, and after a finding for Lake States, Budget has appealed.

On August 31, 1961, Lake States addressed a letter to Budget, informing it that no assignment of Lake States’ insureds’ interest in premiums financed by Budget would affect Lake…