Transfer Credit

Note: You must have the authority, "Transfer Credit," (Billing group) to process this cash adjustment.

Transferring credit involves the transferring of cash from one (1) policy to another. Cash may be transferred for many different reasons such as:

• Cancel / Rewriting a Policy

• Return Premium: When a credit (overpayment) exists on a policy, the outstanding amount may be transferred to the balance due on another policy of the insured's.

Note: This adjustment cannot be done when a policy does not have a credit balance!

To Transfer Credit

1. Access the policy, and click Billing from the Quick Links Tree View.

2. Choose Transfer Credit from the Adjustments combo box.

3. Make the following entries and selections:

• Amount To Transfer: By default, the overpayment amount displays in this field. (Note: If the full amount should not be transferred, it may be changed to a smaller amount if necessary.)

• Transfer To Policy: Enter the policy number the cash is being transferred to.

4. Accept: Select the Accept button.

Once the transfer of credit is finished, the effect on Accounts Receivable is the following.

• The Total Cash Outstanding field increases by the amount of the transfer.

• The Total Outstanding, Current Premium Outstanding is credited (or decreased) by the amount of the transfer.