Note: Users must have the authority, "Recalculate Installments After Dividend Refund," (Billing group) to access and process this transaction.
If your company uses "Pay Dividends" in any of their Pay Plans and has determined a dividend refund amount to be used, you can issue this Billing transaction rather than applying the Dividend Refund to the first installment of an insured's renewed policy. This transaction is used to recalculate all installments for the current renewal version of a policy.
To issue this transaction:
Access the client's policy.
From the Statement Display screen in Billing, click the Transaction button.
Select Recalculate Installments After Dividend Refund from the Choose Transaction combo box and click Accept.