When a commercial policy has been assigned as "Eligible for Audit," a review of the policyholder's financials has been completed and an audit report has been received by your company, users can process an Initial Audit.
To process an Initial Audit transaction:
Access the client's policy for which the Initial Audit is being done.
Select Premium Audit.
Once the Transaction Information screen displays, enter / select the following:
Transaction Effective Date: Defaults from the system date. Enter the Transaction Effective Date of the new business policy
Date Received: Defaults from the system date; change if necessary.
Transaction Type: Select Premium Audit.
Transaction Source: Indicate the individual or entity initiating the transaction from the combo box.
Transaction Reason: Choose Audit from the combo box.
Remarks: Enter any additional narrative for the Premium Audit, if necessary.
Click Submit.
When the policy displays, ONLY those fields that can be audited are displayed.
Make any necessary adjustments.
Rate / Issue the transaction.
Once the Initial Audit transaction has been issued, the policy status is updated to "Processed Audit," and the Audit Workflow status is updated to "Completed Audit." The appropriate billing records are generated (additional premium or credit return premium).
Note: Any changes that are a result of the Premium Audit are NOT copied forward to any subsequent policy terms. The audit is limited only to the policy term against which it was processed.