Graded Policy - Add Edit Duplicate Delete

Graded Policy - Add Edit Duplicate Delete

A Graded policy pays a decreasing percentage of premium.  As the accumulated premium increases throughout the year, the commission rate goes down.  These plans are common with employer provided insurance such as group life, dental, LTD and STD.



Add

  1. Go to the Main Menu.
  2. Click Policies. 
  3. Click ADD POLICY.
  4. Select a Client Type from the dropdown menu.  Complete the Client Name and Group fields, depending on your selection.
  5. Add a Client Name if Individual or Worksite was selected as the Client Type.
  6. Add a Group if Group or Worksite was selected as the Client Type.
  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 Graded.
  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 modal Policy Fee.  This is the non-commissionable amount that will be deducted from the premium to calculate the commission.  Leave this field blank if there is no fee.
  18. Enter the Effective Date.  This is the start date of the policy.
  19. 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. 
  20. Click SAVE to remain on the page.
  21. Click SAVE & RETURN to keep changes and return to the Policies page.

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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