Definition of Billing Terms

Cure - Citizen's United Reciprocal Exchange

Liability - A policy holder's legal responsibility to others for bodily injury or property damage

Medical - the cost of treating injuries, rehabilitation, and sometimes lost wages and funeral expenses to a policyholder

Property - such as damage to or theft of a policy holder's vehicle

Policy Number - Policy number currently being viewed. Guidewire will automatically select the most recent policy edition

Insured - Named insured

Product - Personal Auto Policy

Sub Type - Standard Policy

Policy Term - Policy effective and expiration dates

Producer - CURE Auto Insurance

Sequence - Refers to policy edition

Trans Effective - Effective date of transaction

Trans Status - Refers to policy status being active or inactive

Premium + Fee - Full-term premium includeing the fees

Transaction History - A breakdown of any changes, cancellation, reinstatements, or renewals within a particular term.

Term-Seq Number - this tells that this policy is its first/second/ or New Business.

Account Summary

Status - Indicates if there is a balance on the policy. Several different statuses can reflect on the policy.

• Item is Direct Bill with No Balance - Policy has no active bill due.

• Item is Direct Bill with a Balance Due - Policy has an outstanding balance(this will show as active or inactive status)

• Item is a Direct Bill with a Credit Balance - Policy inactive with a pending refund.

Bill To - Indicates who the installment will be sent to, this will always be the insured

Current Due Date - Due date of installment

Payoff - Total balance remaining on the policy term including fees

Payment Plan - Indicates a direct monthly payment plan, auto-pay or full-pay plan.

Current Due - Amount due for the current bill

Next Action - Next billing activity (i.e. Installment/Legal Notice)

Minimum Amount to Reinstate - Only shows in a cancel notice status or canceled policy.

Equity Date - An Equity-based system determines the date the policy is paid by using a pro-rata calculation. For example, if a policy were issued with a premium if $365 for a year of coverage, each $1 that the insured paid into the policy would earn them one day worth of coverage. Please note the equity date is not the carry date of the policy.

Unbilled Schedule

Bill Date - Date the installment is scheduled to be mailed

Due Date - Date the insured's payment is due

Status - Indicates the bill was unbilled

Premium - Monthly amount excluding fees

Bill Amount - Monthly amount including fees

Invoice Summary

Invoice Date - Date the installment was mailed or emailed

Due Date - Date that payment was due

Amount Due - The billed amount

Payoff Amount - Total Balance on the policy during that billing cycle

Type - Refers to an installment or re-bill

Transaction history

Transaction Date - Date transaction was processed in the system

Effective Date - Date the transaction went into effect

Description - description of the transaction

Premium - Term premium or prorated increase or decrease minus the fees

Fee - Total fee amount

Transaction Amount - Can show an applied payment, applied credit or rolled balance.

Due Amount - Current amount due including fees.

Payoff Amount - Remaining balance on the policy including fees

Batch Roll Items - Installment notice mailed or emailed

Create Account - New business policy

Cash Receipt - Payment applied towards the policy

Late fee - Late fee charged

Legal Notice - Installment payment was not received, and cancellation notice was mailed

Cancellation - Policy canceled for non-payment or underwriting cancellation

Reinstatement with Lapse -Policy was reinstated with a lapse in coverage

Reinstatement - Reinstatement was processed with no lapse in coverage

Reinstatement fee - Reinstatement fee was charged

Reverse Credit Card Transaction - Voided payment

NSF - Payment was not honored by the bank

NSF fee - NSF fee charged

Reverse Cash Receipt - NSF or returned payment via autopay

Endorsement - Change was made to the policy

Bach Return Premium - Refund due to the insured

Renewal - Policy Renewal

Flat Cancellation - Policy was canceled flat either at New Business or Renewal

Premium Balance forwarded - Balance from the prior term forwarded to the Renewal Term

Premium Balance Back - Policy canceled flat and balance from the prior term was charged back

Unapply - Backdated change

Waive Debit - Waived fee

Transaction Descriptions

Batch Roll Items - Installment notice mailed or emailed

Create Account - New business policy

Cash Receipt - Payment applied towards the policy

Late fee - Late fee charged

Legal Notice - Installment payment was not received, and cancellation notice was mailed

Cancellation - Policy canceled for non-payment or underwriting cancellation

Reinstatement with Lapse -Policy was reinstated with a lapse in coverage

Reinstatement - Reinstatement was processed with no lapse in coverage

Reinstatement fee - Reinstatement fee was charged

Reverse Credit Card Transaction - Voided payment

NSF - Payment was not honored by the bank

NSF fee - NSF fee charged

Reverse Cash Receipt - NSF or returned payment via autopay

Endorsement - Change was made to the policy

Bach Return Premium - Refund due to the insured

Renewal - Policy Renewal

Flat Cancellation - Policy was canceled flat either at New Business or Renewal

Premium Balance forwarded - Balance from the prior term forwarded to the Renewal Term

Premium Balance Back - Policy canceled flat and balance from the prior term was charged back

Unapply - Backdated change

Waive Debit - Waived fee