In the Edit Billing Schedule dialog box, you can choose to create custom renewal installments in the Renewal Configuration Options section. When selected, the On renewal, use custom billing schedule installments checkbox opens the installment details. You can customize the following:
- Send Installment Invoice
- Factor of Total Premium Due
Note: The sum of all factors in this column must equal 1.
- Installment Fee
When applied to a core billing schedule, the custom renewal installments will go into effect only at the time of policy renewal.
When applied to an existing renewal term, the custom renewal installments will go into effect with the regeneration of invoices. Regeneration of invoices is caused by:
- Changing the billing schedule.
- Processing a premium change endorsement.
- Cancelation and reinstatement.
This update is available to clients on BriteCore’s Master branch.