Billing methods, Pay Plans and payment options are selected for a policy from the Billing Info node (My Navigator Tree View). Here the Billing Info that contains the combo boxes with the Billing Method, Pay Plan options and Bill To are available for selection.
Note: Billing Methods, Pay Plans and Payment Options are company specific and are determined during the implementation phase of the Diamond System.
Annual Pay Plan - Policies with an annual Pay Plan are billed once a year. This Pay Plan may apply to both Direct and Agency bill policies.
Semi-Annual Pay Plan - Policies with a semi-annual Pay Plan are billed twice a year.
Quarterly Pay Plan - Policies with a quarterly Pay Plan assigned to them are billed four (4) times a year.
Payroll Deduction: This allows employers to deduct payroll amounts from their employees on a pre-determined basis.
Monthly EFT Pay Plan - EFT (Electronic Fund Transactions) Transactions are used to automatically deduct a payment due on an insured's policy on a specific, pre-determined date each month. For example, an insured's payment is the 10th day of every month. When the End of Day Program runs on the 10th of the month, the policy is flagged for the deduction. After End of Day Processing completes, an EFT file is generated and exported containing the information.
Monthly Credit Cards - Some clients allow payments by credit card. If the insured is paying by credit card and the Pay Plan equals "Credit Card" on the Billing Info screen, the Manage Credit Card Info link is activated. All fields are required entry on the Credit Card Information screen. Once the policy is rated and issued, the full amount of the payment is billed and displayed on the Statement Display screen.
Method: The policy billing method: Agency or Direct.
Pay Plan: The premium payment plan; options available are dependent on the selected Billing Method and policy term.
Billed To: Individual to whom the premium bill is sent. If "Other" is selected, the Change Billing Address link is activated. Entry is required on the Billing Name and Address screen.
Billing Address: If Billed To is not the insured, select the Change Billing Address link and provide the billing information on the Billing Name and Address screen.
EFT Information: Select the Manage EFT link if the policyholder is paying by electronic funds transfer. The Policy EFT screen displays.
Credit Card Information: If the insured chooses to use a credit card to make policy payments, select the Manage Credit Card Info link and make entries on the Credit Card Information screen.
Billing Name and Address Screen
Credit Card Information Screen