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6/9/2020
Subject to unique billing and policy scenarios that may impact amount of credit. Not for external customer use
Premium Credit Scenarios: Service and Agent only
How to approximate the auto premium credit amount.
Ex. 6-month premium =$1,200 Monthly earned premium = $200 Credit = (Monthly premium x 15%) x 2 months
= $200 x 15% = $30 x 2 = $60 Credit
Ex. 12-month premium =$1560 Monthly earned premium = $130 Credit = (Monthly premium x 15%) x 2 months
= $130 x 15% = $19.50 x 2 = $39 Credit
Ex. 6-month premium =$1,200 with policy change or renewal Monthly earned premium = $200 Premium change or renewal effective May 1st, increasing 6-month premium to $1800 New monthly earned premium as of May 1st = $300 Credit = (Monthly premium x 15%)
April = $200 x 15% = $30 May = $300 x 15% = $45
= total credit $75
NOTE: Below are examples of typical handling. However, in some states, the program is run as a payment using a check or ACH. In some states, like NC, the program is not to be referred to as a 'credit.' In your discussions with customers, remember, state specific rules prevail.
5/14/2020
Subject to unique billing and policy scenarios that may impact amount of credit. Not for external customer use
Classic/Legacy – Premium relief credit will be applied as a payment beginning June 2nd. The credits will be applied through June 30th, starting with INTERNAL policynumbers ending in 0.
Ex. ExpressIt® or MRCC deductions Deduction date is 8th of each month Payment/Credit is applied on June 7th June 8th deduction will remain unchanged July 8th deduction will reflect the new revised amount
Deduction date is 22nd of each month Payment/Credit is applied on June 3rd June 22nd deduction will reflect the new revised amount
Ex. Direct Bill 4 pay plan Bills sent on the 5th of the month and due on the 27th Current bill due June 27th Payment/Credit is applied on June 7th -If the credit generates enough equity, and there is at least 15 days to re-bill, adeficit bill will go out. If there is not 15 days, the remaining amount will be addedto the next billing statement.-If the credit does not generate enough equity, the system will hold the creditpending the remaining amount. If it is not received, a non-pay cancel couldgenerate. Encourage customers to pay the remaining billed amount minus thecredit applied.
**Note: for Classic Direct Bill policies, please refer to the Salesforce Knowledge solution – Payment Processing, to determine if the premium credit payment will generate a new deficit bill. Encourage customers to pay the outstanding amount if deficit bill is not generated to prevent a non-pay cancellation situation.
5/14/2020
Subject to unique billing and policy scenarios that may impact amount of credit. Not for external customer use
Classic cont. Ex. Payroll deductions*
Deduction date is every two weeks Bill sent to employer for June 5th deduction Payment/Credit is applied on June 7th June 5th payment will remain unchanged June 19th paycheck will reflect the new amount
*Some exceptions apply depending on unique employer payroll billing schedules (i.e. NYSUT UFT)Mercer policy credits will be processed together on one day.
Ex. Flex pay plan (GrandProtect®, ComboSM, PAKII Packages)*** If the bill is currently outstanding
-Continue with current package payment as package may not re-bill-Credit will be applied in June-Next billing statement will reflect the adjusted amount after credit
If your bill has not been sent when the credit is applied -Next billing statement will reflect the adjusted amount after credit
***Refer to Salesforce Knowledge solution - GrandProtect, COMBO and PAKII Flexible Payment Plan (FLEX). The credit will be applied as a 120-payment code – only to the auto and not spread across all package products.
Classic Note: If the credit pays the policy in full, or the policy is already paid in full, and the renewal has not generated, the refund will be generated in a refund check.
5/14/2020
Subject to unique billing and policy scenarios that may impact amount of credit. Not for external customer use
Met360SM/MyDirect Auto – Premium relief will be applied as a credit on June 16th for Met360. MyDirect Auto- early June. Billing will be adjusted based on how the credit affects the current billed invoice. **
Ex. Monthly Auto-pay deductions – EFT Deduction date is 8th of each Credit is applied on June 7th June 8th deduction will remain unchanged July 8th deduction will reflect the new revised amount (If credit is enough to pay off next invoice then next deduction would be $0)
Deduction date is 22nd of each month Credit is applied on June 3rd June 22nd deduction will reflect the new revised amount (If credit pays off invoice owed then deduction would be $0)
Ex. Monthly Auto-pay deductions – Credit Card Deduction date is 8th of each month Credit is applied on June 7th June 8th deduction will reflect the revised amount after credit
If credit is enough to pay the policy balance and a refund would be due, it will be refunded to the last payment method used for MDA/ Met360 policies.
Ex. Pay On-Line or by Mail plan (Met360 only) -Bills sent on the 5th of the month and due on the 27th
-Current bill due June 27th
-Credit is applied on June 7th
-Met360 will not re-bill, encourage customer to pay current billed amount, oradvise of remaining invoice amount after credit applied.
**Refer to Salesforce Knowledge solution – Met360 Invoicing and Payments
5/14/2020
Subject to unique billing and policy scenarios that may impact amount of credit. Not for external customer use
Ex. Met 360 Payroll deductions* Deduction date is every two weeks Bill sent to employer for June 5th deduction Payment/Credit is applied on June 7th June 5th payment will remain unchanged June 19th paycheck will reflect the new amount
*Some exceptions apply depending on unique employer payroll billing schedules (i.e. NYSUT UFT)Met360 payroll logic is the same as classic, will respread the new balance over remaining deductions.
MDA/Met360 Note: If the credit pays the policy in full, or the policy is already paid in full, and the renewal has not generated, the refund will be generated based on how the customer pays (i.e. If pays by credit card, refund will be to credit card.)
5/14/2020
Subject to unique billing and policy scenarios that may impact amount of credit. Not for external customer use
Payroll Examples by Pay Schedule:
5/14/2020
Subject to unique billing and policy scenarios that may impact amount of credit. Not for external customer use L0620004939[exp0623][All States][DC]