|
Frequently Asked
Questions About Billing
|
Billing Type |
Who collects the deposit? |
When is the deposit due? |
When are installment payments due? |
When are invoices mailed? |
When are notices of cancellation sent? |
What are the procedures for final audits? |
|
Direct Bill |
- New Customers Broker collects deposit &
assessments
- Renewal Customers CompWest
bills and collects deposit & assessments
|
- 10 days after effective date of the policy
|
- 1st
of the month
- 1st of every 3 months
(Quarterly Plans)
- Last installment 2 months before policy
expires
|
- Premium Notices 15th of month
- Late Notices
5th of month
|
- 15th
of each month
- Policy cancels 15 days later
|
- Completed within 45 days of expiration
- Billed within one week of receipt
- Due 30 days after audit is processed
|
|
Agency Bill |
- New Customers Broker collects deposit &
assessments
- Renewal Customers Broker
collects deposit & assessments
|
- 10 days after effective date
of the policy
|
- 30 days after the 1st of the month – paid through broker
|
- Broker Statements
10th
of month
- Late Notices
2nd of month
|
- 15th
of each month
- Policy cancels 15 days later
|
- Completed within 45 days of
expiration
- Billed within one week
after received - For collection purposes audit bill treated
as agency bill
- Due 45 days after audited
processed - paid through broker
|
|
Monthly Self-Reporting |
- New Customers Broker collects
deposit & assessments
- Renewal Customers Deposits roll
over to renewal accounts
- CompWest mails installment schedule to
customer showing deposit rollover amount and assessments due
for current year
|
- 10 days after effective date
of the policy
|
|
- Payroll Reports 25th of month
- Late Notices
16th of the month
|
- 25th
of each month
- Policy cancels 15 days later
|
- Completed within 45 days of expiration
- Billed within one week of receipt
- Due 30 days after audit is processed
|
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