Posted by: jmwilsonmga | July 16, 2013

Frequently Asked Questions : Agency Bill

Does your agency receive agency billed statements from J.M. Wilson?  Are you a recently appointed agent and wonder how it works?  We hope to answer all of your questions in this blog post.  Outlined below are some of our agents most frequently asked Agency Bill questions.

When can I expect to receive my statement for agency billed policies? Agency billed statements are sent at the end of each month. These statements include all agency billed policy transactions posted to your statement within a given month and payment terms are 30 days.

How do I reconcile my Agency Bill Statement?  Each transaction should match the amount you collected from the insured or will be receiving from a finance company.  Please confirm the premium, taxes, fees and commissions are billed correctly. Agents can retain their commission up front out of the policy premium and pay the net balance due.  In order to apply your payment properly, please remit a copy of your statement with your payment.  Please discuss any questions or discrepancies with an Accounting Associate as soon as possible so we can help resolve these issues for you in a timely manner.

Can I get financing for my insured on an agency billed policy? Yes, financing is available on agency billed policies, as long as it’s not 100% fully earned. The policy will be billed in full on your agency statement and the commission can be deducted from the down payment that you collected from the insured when the premium finance agreement was signed.

What about company pay plans?  Do they appear on Agency Bill Statements? Yes, Company pay plans are agency billed and your commission is taken out of the down payment and installments as they are billed each month.

How do I request an additional or revised copy of my statement? You can request a copy of your statement at any point in time by contacting an Accounting Associate.

Jen-SlaterAbout the Author : Jen Slater, Accounting Team Supervisor

Jen Slater joined J.M. Wilson in 2004. She is responsible for overseeing the operations of all accounting systems, reconciling agent accounts, issuing checks, as well as processing transactions for JM Wilson and it’s affiliate companies. She loves working with her team (who communicates very well) and our agents. Outside of the office, Jen enjoys spending time with her young son and family.

Disclaimer :  This article is for informational purposes only.  There is no legal advice being suggested or proffered.  The author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.  This article is the opinion of the author and is not supported or endorsed by J.M. Wilson.  It should not be relied upon and may contain inaccuracies or content may have changed over time, contact your underwriter for the most current and accurate information.  Any comments or responses are the opinions of their authors.  Content on this site is believed to be covered under Fair Use. Legal

Copyright 2013 J.M. Wilson Corporation

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