Payment Plans Setup

Use Payment Plans to create the desired number of installments when invoicing the premium and/or non-premium items on a policy. AMS360 contains a default list of permanent payment plans. You must have appropriate security authorization to add new or edit existing payment plans.

Payment Plans Grid

The following columns are available in the Payment Plans grid.

Permanent

This box is selected if the plan is part of the AMS360 permanent list of payment plans.

Plan Name

Identifies the plan in drop-down lists and reports.

Names of permanent plans are not available for editing.

ACORD Code

Displays the 3-character Plan Code entered when a new payment plan was created.

Round

Displays "Y" if the Round installments to nearest dollar check box is selected when a new payment plan is created. If cleared, "N" appears in this grid field.

Apply Difference

Displays either First Installment or Last Installment based on the radio button selected when the plan was added.

What's Next?

Do you need to know how to apply these Payment Plans in the Basic Policy Information or the Invoicing section of the Policy form?

Related Topics Link IconRelated Topics