Accounting provides administration capability for maintaining all records for premiums collection, fee payout, claim reimbursements, and reinsurer reporting.

Journal

A double-entry accounting journal is integral to the application and allows Premium Administration to track bank balances, claim funds, receivables and payables. 

• The record of deposit accomplishes several tasks in one simple step, including calculations of unpaid premium due, commissions due and payable, and bordereaux reporting and reinsurance pay-out.
• Account for all receipts and cash disbursements, including interest and bank service charges for a complete accounting of all premium and claim funds
• Reconcile the bank cash accounts with the bank statement with an easy bank reconciliation
• Track unapplied premium and over/underpayments.

Invoices

Accounting creates invoices and records deposits for Medical Excess Loss and Group Term Life coverages.

• Invoices are automatically generated on the first of the month for all premiums due
• Print premium due aging reports
• Generate follow-up letters for due and unpaid premium by individual group or for all groups for a producer
• Additional fees (fees other than premium) may be invoiced and collected along with the reinsurance premium

Payables

Accounting creates payables from the premium collection process for all commissions, sub-producer fees, mgu fees, carrier fees, premium taxes, overrides, and additional fees collected.

• Commission and Sub-Producer Fee checks are paid from payables along with commission/fee statements
• Claim reimbursement checks are printed along with an Explanation of Reimbursement
• The bordereaux close payout is calculated and paid from the closing process

Bordereaux Reporting

Reinsurance premium and claims bordereaux reports are filed and closed with reinsurers and carriers, including the following bordereaux reports (All reports may be filed by Effective Date, State, and City): 

• Specific Premium
• Specific Excess Layers (Excess of 1 Million)
• Specific Claims
• Aggregate Premium
• Aggregate Excess Layers (Excess of 1 Million)
• Aggregate Accommodation
• Terminal Extension
• Aggregate Claims
• Life Premium
• AD&D Premium
• Dependent Life Premium
• Supplemental Life Premium

Reports

Click on the following link to download examples of all reports available for Accounting.

Accounting Reports

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