Set up endorsement billing

Endorsements can apply to billing in different ways depending upon the type of endorsement, settings, and the current state of billing.

Premium-Bearing (Debit) Endorsements

A debit endorsement adds premium to the policy. A setting allows clients to control how billing behaves when a debit endorsement is performed. With the setting, clients can elect to: 

  • Create an endorsement invoice when a premium-bearing endorsement is committed.

    Note: The system will create the endorsement invoice even if future invoices exist. Any remaining money will be spread among future installments if future installments exist.

  • Spread the premium evenly among future installments when a premium-bearing endorsement is committed.

    Note: If clients choose to spread the premium evenly among future installments, and no future installments exist, then the system will create an endorsement invoice. 

To enable this setting: 

  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 or No.
  4. From the Choose a State dropdown list, select the state that you’re enabling the setting for. 
  5. Select one of the following radio buttons: Lifecycle Parameters Are the Same for All Business or Lifecycle Parameters Are Defined Per Policy Type.
    • If you select Lifecycle Parameters Are Defined Per Policy Type, you will be prompted to select the policy type that you’re enabling the setting for. 
  6. On the Billing tab, navigate to the Options section. 
  7. Navigate to the setting When performing a premium-increase endorsement. From the dropdown list, select one of the following options:
    • Create an endorsement invoice
    • Spread the premium evenly among future installments, if any.
  8. Select Save or Save and Exit

 

Credit Endorsements

Credit endorsements reduce the premium on a policy. A setting allows clients to control whether a credit invoice is issued under a specific scenario.

  • When future installments exist on a policy, a credit endorsement will spread evenly into future installments when the endorsement is committed.

    Note: This behavior is not controlled by a setting. 

  • When no future installments exist on a policy, a setting allows clients to apply a credit endorsement adjustment or an amended invoice for the credit amount. 

    Note: This behavior is controlled by the setting Send an Amended Invoice even when the endorsement amount is negative. When enabled, an invoice will be issued. When not enabled, a credit adjustment will post but no invoice will be issued.

To enable this setting: 

  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 or No.
  4. From the Choose a State dropdown list, select the state that you’re enabling the setting for. 
  5. Select one of the following radio buttons: Lifecycle Parameters Are the Same for All Business or Lifecycle Parameters Are Defined Per Policy Type.
    1. If you select Lifecycle Parameters Are Defined Per Policy Type, you will be prompted to select the policy type that you’re enabling the setting for. 
  6. On the Billing tab, navigate to the Options section. 
  7. Navigate to the setting Send an Amended Invoice even when the endorsement amount is negative. 
  8. Click the checkbox to the left of the setting text.
  9. Select Save or Save and Exit.E