Managing Premium Financing Details on a Policy

Adding Premium Financing Details to Policy from the Administration Tab

Last Updated: November 2024

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Adding Premium Financing Details

1. Navigate to a policy and select the Administration tab.
2. On the left, ensure Details is selected.
3. Fill in the Finance Account Number, Finance Company, and Contact Agent fields.
4. Click Save Policy.
   
   
   
   
   
   
   
   The financing details are saved.

Effects of Adding Premium Financing Details

When Premium Financing details are added to a policy:

1. The existing invoices for that policy will be regenerated showing the Financing Company and Account Number
   
2. Agency Statements will indicate that the policy is financed
   
3. The Data Dump export will show the Financing Company name for that policy

Making a Payment for the Financed Policy

1. Navigate to a financed policy and select the Accounting tab.
2. Click the row of the desired transaction to expand it
3. Click the View Invoice button to open the transaction
4. When the transaction is open, click the Actions button on the top right
5. Select the Make Payment option
6. The Payment Details page will open, the finance company will be automatically set as the Payee, and there will be a notification that ‘The selected transactions are financed by [Finance Company]’
7. If printing a check is selected when making the payment, then the Check and Check Remittance will display the finance company details (see Using the Payment Detail page