Premium Accounting
Premium Accounting
An accounting application for maintaining all records of premiums collection, fee and commission payout, claim reimbursements, and reinsurance reporting.

Maintain a double-entry accounting ledger for tracking bank balances, claim funds, receivables and payables for each policy, treaty and reinsurer.

  • Collect premium, record deposits and accomplish several tasks in one simple step, including calculations of unpaid premium due, commissions due and payable, and bordereaux reporting and reinsurance pay-out.
  • Account for all receipts and cash disbursements, including interest and bank service charges for a complete accounting of all premium and claim funds
  • Reconcile the bank cash accounts with the bank statement with an easy bank reconciliation
  • Track unapplied premium and over/underpayments.

Premium Accounting creates invoices and records deposits for Medical Stop Loss and Group Term Life policies.

  • Automatically generate Invoices on the first of the month for all premiums due
  • Report on premium due and age receivables
  • Generate follow-up letters for due and unpaid premium by individual group or for all groups for a producer
  • Invoice and collect additional fees (fees other than premium) along with the reinsurance premium

Accounting creates payables from the premium collection process for all commissions, sub-producer fees, managing general underwriting (or administration) fees, carrier fees, premium taxes, overrides, and additional fees collected.

  • Cut checks to pay commission and sub-producer fee checks from payables and include commission/fee statements.
  • Cut checks to pay claim reimbursement and include an Explanation of Reimbursement.
  • Calculate and payout all premium and claim bordereaux reinsurance reports in the closing process.

Reinsurance premium and claims bordereaux reports are filed and closed with reinsurers and carriers, including:

  • Specific Premium
  • Specific Excess Layers (Excess of 1 Million)
  • Specific Claims
  • Aggregate Premium
  • Aggregate Excess Layers (Excess of 1 Million)
  • Aggregate Accommodation
  • Terminal Extension
  • Aggregate Claims
  • Life Premium
  • AD&D Premium
  • Dependent Life Premium
  • Supplemental Life Premium

All reports may be filed by Effective Date, State, and City (municipality).

© 2015 Young Consulting, Inc.