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Payment Plans Setup

UsePayment 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.

    ClosedAccessing Payment Plans Setup

From any center or form containing a Toolbox menu, click Toolbox > System Administration > Payment Plans.

    ClosedPayment Plans Section

Grid Elements

What is this?

Permanent

This box is checked 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 Round installments to nearest dollar is checked when a new payment plan is created. If unchecked, N displays in this grid field.

Apply Difference

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

    ClosedNew/Edit Payment Plans

For a step by step walk through on how to create new and edit existing payment plans, see Workflow: Add & Edit Payment Plans.

If changes are made to payment plans, future installments not yet processed are subject to the edited plan features.

Payment Plan Section Fields

What is this?

Plan Name

Type a unique plan name.

A warning message is received if the plan name has already been used.

Plan Code

Enter the appropriate plan code for the payment plan. This is a required field and cannot duplicate any other plan code already in AMS360.

If ACORD codes are provided when setting up company download, be sure to enter the appropriate code here.

Inactive

Checking Inactive will prevent this payment plan from appearing in list boxes throughout AMS360.

Non specific company rules

Select non specific company rules for your payment plans. Remember: Company specific rules take precedence at time of invoicing.

Option

What is this?

Round installments to nearest dollar

Check this box if you want to round installments to the nearest dollar.

Apply difference to:

Select whether to apply any differences (total premium divided by number of installments) to the:

  • First installment

  • Last installment

    ClosedNew Payment Plan Form

The New Payment Planform appears when you clickNewon thePayment Planssection bar. Complete this form and clickOKto start the setup of a new payment plan.

Field

What is this?

Number of Payments

Enter the total Number of payments the plan contains (maximum is 99) and the number of Months between payments.

Example:

For a quarterly plan, you need to enter (4) as the number of payments, and (3) as theMonths between payments.

Months Between Payments

    ClosedInstallments

Verify that AMS360 has calculated the months of the policy term, and the portion of the premium to be applied to those months, correctly. Change where necessary.

Field

What is this?

Month of policy term

The month into the policy term where a portion of the premium is to be charged.

Percent of premium

The percentage of the policy premium to be charged to each installment in the payment plan.

    ClosedFee Setup

If fees are associated with the installments in the payment plan, add the fees here.

These fees may apply to the first installment or may be divided among the installments in the payment plan based on how the fee was setup in Billing Charges and Credits Setup.

For this fee to pull to a policy billing, be sure to add the payment plan to the forms listed below, when creating a New, Renewal, or Rewrite policy, or a Submission. When the payment plan is added to these forms it triggers the payment plan fee to be added to the Policy billing.

  • Create New Policy

  • Create Renewal/Rewrite Policy

  • Create New Submission

The fee will not pull to policy billing if you wait and add the payment plan to the Policy form.

Field/Option

What is this?

Charge Description

Select the appropriate charge originally setup through Billing Charges and Credits Setup.

Apply Fee to

Select whether the fee attached to this payment plan applies to:

  • All companies

  • Single company

If the fee applies to a single company, select the company from the list. Then, continue adding companies as appropriate.

    ClosedCompany Specific Rules

Set up company specific rules for your payment plan. Remember: These rules take precedence over non-specific company rules at the time of invoicing.

Using company specific rules allow you to have one payment plan instead of many, when the only difference in the payment plan is the rounding method and how differences are applied.

Field

What is this?

Company

Select the company from the list you want to set up the company specific rules for.

Company specific rules

Option

What is this?

Round installments to nearest dollar

Check this box if you want to round installments to the nearest dollar.

Apply difference to:

Select whether to apply any differences (total premium divided by number of installments) to the:

  • First installment

  • Last installment

What's Next?

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


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