Return premium overview

In the Central Return Premium Queue, you can access all return premiums to be issued.

To access all return premiums to be issued:

1. In the BriteCore menu, select Policies.
2. In the Policies menu, select Payments, and then select Return Premium.

Integrations

When integrated with a vendor like QuickBooks, return premiums can be automatically exported from the queue.

Note: Only return premiums dated today or before will export. Any future-dated return premiums won't export until its date passes.

Standard processes

BriteCore supports a standard return premium workflow that includes automatic and manual processing.

Automatic

• Mid-term policy cancellations: If a credit is created from a mid-term policy cancellation and is above the defined return premium threshold, BriteCore will automatically move the return premium to the queue.
• Flat cancellations: BriteCore will automatically move the return premium to the queue, regardless of the amount and defined threshold.
• Overpayments: When applying a manual (check, cash, money order) overpayment, an option exists to automatically move the overpayment part of the payment to the queue.
• Manual
• Credit:
  • Created from a decrease in premium, the return premium isn't automatically moved to the queue.

    Note: Users must access the policy and issue the return premium on the policy on the Accounts Receivable screen.

  • Under the return premium threshold setting, the return premium won't automatically move to the queue, even on cancellation.
• Electronic payments: The Enforce minimum (currently due) and maximum (payoff amount) payment amounts when making electronic payments from the Secure Checkout screen setting is available with electronic payments. If this setting is disabled or an agency processes a sweep payment from Payments in the Agent portal, an overpayment that results in a credit on the account won't automatically move to the queue.

Note: Users must access the policy and issue the return premium on the policy on the Accounts Receivable screen.

Fully automatic process

BriteCore supports a fully automatic return premium workflow. Through a handful of database settings, return premiums can be automatically moved from the policy to the queue.