AIM version 6.1.x and later provides for the billing of escrow premium and documentation of lines of credit in AIM. Using this feature, you can create two types of invoices for an escrowed policy:
- Policy Premium
- Escrow
You can also document the existence of a line of credit using this feature.
This document is intended to assist with the configuration of the required invoice transaction code, as well as to outline the workflow required in order to successfully invoice escrow premium. It is assumed that you already have some familiarity with the Invoice Transaction Code table settings.
If you do not have access to the Invoice Transaction Code table of Data Maintenance Utility (DMU), please contact your System Administrator for assistance with completing the required set up.
In order to successfully invoice escrow premium, it is necessary that an invoice transaction code be created in DMU. Please refer to the Create Escrow Invoice Transaction Code topic in Data Maintenance Utility Help.
Especially in the case of transportation or builders’ risk policies; it may be necessary to invoice an amount of escrow premium at inception or additional/return escrow premium at time of endorsement. Before continuing, you should verify that the invoice transaction code has been properly configured.
In the following topics we show you how to correctly document and invoice escrow premium or lines of credit and how to include escrow on the invoice when processing the endorsement in AIM.
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