Identify the payoff amount

Insureds may request to pay off the outstanding premium on a policy early. You can notify insureds of the payoff amount by generating the Payoff Balance Summary custom deliverable.

Before generating the deliverable, determine if unbilled installment fees should be included in the payoff amount, or if they should be excluded.

Manage installment fees

  1. Navigate to Settings > Modules > Policies.
  2. Select Edit beneath Policy Lifecycle. A Confirm dialog box will open with the following message:
    You are about to leave the page. Would you like to save your data before proceeding?
  3. Select Yes to save and proceed to the Policy Lifecycle screen, or select No to proceed to the Policy Lifecycle screen without saving.
  4. From the Choose a State dropdown list, select the state you’re waiving installment fees for.
  5. Select one of the following radio buttons: Lifecycle Parameters Are the Same for All Business or Lifecycle Parameters Are Defined By Policy Type.
    Note: If you select Lifecycle Parameters Are Defined By Policy Type, you will be prompted to select the policy type you’re applying the setting to.
  6. Navigate to Billing > Options.
  7. Select the Waive Installment Fees For Pre-Paid Invoices checkbox.
  8. Select Save or Save and Exit.

When installment fees are waived for prepaid invoices, the installment fees that would have been billed in future invoices won’t be included in the payoff balance.

Generate Payoff Balance Summary

To generate the Payoff Balance Summary on a given policy:

  1. On the Policy Search¬†screen, locate and access the policy that you’re generating the Payoff Balance Summary for.
  2. In the policy header, beneath the Additional Details box, select the Custom Deliverable button. The Custom Deliverable dialog box will open.
  3. From the Custom Deliverable dropdown list, select Payoff Balance Summary.
  4. Select Done.

After you generate the Payoff Balance Summary, it will appear in the policy’s Attachments screen in the Payoff Balance Summary folder. When you open the deliverable, you can print it to send to the insured.

When you generate the Payoff Balance Summary, the system automatically generates a note on the policy’s Notes screen. The note is titled Payoff Balance Summary was created for this policy, and the note includes the following information:

  • The username of the user who generated the Payoff Balance Summary.
  • The date the deliverable was generated.

Verify payoff amount

The Payoff Amount on the Payoff Balance Summary should match the Payoff Amount on the Accounts Receivable screen. To verify that the payoff amounts match:

  1. Select Accounts Receivable.
  2. In the Policy Details section on the Billing Overview tab, locate Payoff Amount. Verify that this amount matches the amount on the Payoff Balance Summary.