Additional Payments

The Additional Payment activity applies any premium payments made by the policy holder.  After processing an Additional Payment activity a Commission activity is automatically generated.  Also for illustrative purposes, the Product Template Variable policies that are for XC Class policies also automatically generate a Bonus activity after the Additional Payment processes.

The following fields are required when setting up the Additional Payment activity.  

• Effective Date:  The policy effective date.

• Gross Amount:  The amount to be applied.

• Funding Method:  The method of payment made by the client.

The default allocations that the payments should be applied to can be changed in the Allocation(s) section.

Steps to Create Additional Payments Activity

1. Open the policy.

2. Select Activities from the Left Navigation menu.

3. Make sure the first three activities to open the policy have already been applied (Submit, Initial Premium and Issue).

4. Select Add Activity on the Secondary menu.

5. Select Additional Payment from the activity drop down box.

6. Enter the gross amount and funding method.

7. Click Allocations at the top of the window.

8. Enter the number of funds.

9. Select the Allocation method from the drop down box.

10. Enter the percent of money that should be applied to each fund.  Select the Equal percent check box if the money should be divided equally between an even number of funds.

11. Click Suspense at the top of the window.

12. Enter the suspense number of the suspense account to assign the money.  Search for an existing suspense record in the search field or create a new suspense record.

13. Click OK.  The Activity screen will display with the Additional Payment activity at the top of the activity list.  

14. Click the lightning bolt icon next to the new activity.  The activity will process.  

Note:  If the warning icon appears next to the new activity, then it was not configured correctly.  Click the warning icon for additional details.

Note:  If the activity is removed or reversed, then the accounting details of the processed reversal or delete can be viewed by selecting Shadows and Reversals on the Activity screen and then Refresh.  Click the Activity Details icon next to the appropriate activity and then click the Accounting link.

Three Sections of AdditionalPayment Activity in Add Activity Window