replace binder billing

When the insurance company issues the policy, you replace the binder billing by reversing the original binder billing and billing the actual premium amount.  Invoices will reflect the difference between actual and binder-billed premium, where appropriate

Important  Even if the actual premium is the same as the estimated premium you binder billed, you must still Replace Binder Billing to remove the binder status of the billing.

This procedure assumes that you have made necessary change to the policy information, and that your are at the Policy Information - Transaction Premiums / Billings section of the Policy Information screen.

Replace a Binder Billing

1. Open a Customer Center and search/select the appropriate customer. 

2. Left click the policy to select it

3. Click on Binder Bill

You can also right click on the policy and select Binder Bill from the list.

4. The Binder Bill screen will appear:

• Select the binder transaction to be replaced
• Change Transaction to either New Business or Renew Policy
• Click OK

5. Expand the Transaction Premium / Billing section and update the Premium and Fees if the actual premium differs from the binder bill premium.  Enter the full premium not the difference. 

If binder bill premium is the same as premium originally billed there is no need to make changes to the Premium and Fees section - proceed to Step 11 - click here

• Enter the Premium in the red Premium field or click Edit and Update the premium

• Click Edit in the Transaction Fees, Taxes, Finance and Down Payments section to edit the Fees and Taxes

• Edit Fees, Taxes, etc...., then click Update. 

6. Expand Invoicing subsection of the Transaction Premiums / Billing section

• Verify, update or input the following information:

  • Bill Method

  • Pay Plan

• Click Create Invoice

7. The Standard Invoice screen will appear

• Note that if there was a premium/fee difference between binder billed and actual premium it will be shown in the Total Amount Billed area

8. Expand and verify and/or edit information in the following sections:

• Policy Transaction:

• Customer

• Invoice Date

• Due Date

• Total Amount Billed

• Bill To

• Invoice Transactions

• Message:

• Print on Statement
• Copy to All Installments

• Invoice Installment Summary

Use the Installment Combo Box and the Backward/Forward button to edit or delete installments(as well as Eff Date), correct/verify or split comissions.  The click Update

See below Field information for the Policy Transaction and Message sections of the Standard Invoice screen.

Policy Transaction section

Message section

Go to Creating an Invoicing in AMS360 Help Center for additional information.

9. Click Post or Post and Print or Post and Email, whichever is applicable.

10. The Activity / Suspense screen will appear

• Activity Action Code should default to Invoice (Posting)

• Input appropriate Description

• Click Save & Close

11. Click Save & Close to close the Policy Information screen.

• Note: The Transaction on the Policy Information screen no longer shows Binder New Business or Binder Renew Policy it now shows New Business or Renew Policy (whichever is applicable)