Fee Policy - Add, Edit, Duplicate and Delete

Fee Policy - Add, Edit, Duplicate and Delete

A Fee comp plan can be used for individual or group medical insurance.  The fee is the amount of compensation paid to the agent and is added to a comp plan.  The number of lives is entered at the policy level and multiplied times the fee from the comp plan to determine the total amount of compensation.



Add

  1. Go to the Main Menu.
  2. Click Policies. 
  3. Click ADD POLICY. 
  4. Select a Client Type from the dropdown menu.  Select Individual for a fee policy.
  5. Add a Client Name.
  6. Leave this field blank.
  7. Select an Agent.  If more than one agent, create two policies for each agent's share of the premium.
  8. Select a Comp Plan Type.  A comp plan type describes the type of commission paid on the policy.  Select Fee.
  9. Select a Carrier.
  10. Select a Comp Plan.  A comp plan describes how much and how long a commission is paid on the policy.  Once a carrier is selected, only the comp plans linked to it will appear in the list of options.  After a comp plan is selected, it will appear in the top right part of the screen.  The selected plan can be edited by clicing the EDIT SCHEDULE button. If the schedule is edited here, it will be changed for all policies linked to it.
  11. Select a Product.  This is the carrier product name as it appears in the commission statement.  This field is sometimes used to help match a commission to a policy.
  12. Select a Type.  The most common types of insurance come pre-loaded.  These can be edited to match the types of products you sell.
  13. Select a Sub-Type.  The most common sub-types of insurance come pre-loaded.  These can be edited to match the types of products you sell.
  14. Enter a Policy Number.  A policy number is the primary field used to match a commission to the policy.  If unknown, leave blank.  TBA (To Be Announced) will be entered as the temporary policy number.
  15. Enter the premium.
  16. Enter the premium mode.
  17. Enter the Effective Date.  This is the start date of the policy and the first coverage period.  The default number of lives is 1.
  18. Select a Status.  An Active policy is in force and paying commissions.  A Pending policy is in underwriting and has not paid commissions.  A Termed policy is a policy that was in force but terminated.  A termination date is required for a termed policy.  A Not Taken policy is one that was issued but not taken.
  19. Click SAVE to remain on the page.
  20. Click SAVE & RETURN to keep changes and return to the Policies page.

Edit the Number of Lives

  1. A new coverage period defualts to (1) life.
  2. To edit the number of lives, click the edit icon .

  3. Make changes.
  4. Click the save icon .



Add Additional Coverage Periods

  1. Click ADD ROW.

  2. Enter the start date and number of lives for the new coverage period.  This will be the end date for the first coverage period.

  3. Click the save icon 



Add Additional Fee Periods

  1. Commissions for the first coverage period will be paid based on the comp plan for the first year.
  2. Click EDIT SCHEDULE to add another commission period.

  3. Click ADD ROW to add another commission period.

  4. Make changes.  If the rate is the same as year one, change the end year for the first commission period to 2.  Otherwise, add a row and enter the new rate for the second year.

  5. Click SAVE.
  6. The new commission period will correspond to the new coverage period.


Edit

  1. Go to the Main Menu.
  2. Click Policies.
  3. Click the policy number.
  4. Make changes.
  5. Click SAVE.

Duplicate

  1. Go to the Main Menu.
  2. Click Policies.
  3. Click the box next to the policy to duplicate.  Only one policy at a time can be duplicated..
  4. Click the duplicate icon .
  5. Make changes.
  6. Click SAVE.

Delete

  1. Go to the Main Menu.
  2. Click Policies.
  3. Click the box next to the policy to delete.
  4. Click the delete icon .
  5. Click CONTINUE.

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