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Billing 3 - EFT Reinstatements

Katie Zimmerman

Created on November 8, 2024

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Transcript

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Setting a Policy Up on EFT at Reinstatement

Reinstating an EFT-Billed Policy

Reinstating previously EFT drafted policies...

  • Calculate the premium for reinstatement using current procedures.
  • Collect payment to reinstate, must be non-EFT funds (cash, guaranteed check, card).
  • EFT will resume with the next bill.
REMEMBER: EFT will not resume automatically if the cancellation was due to: Account Closed or Authorization Revoked.

If the insured wants to both reinstate and set up their policy on EFT...

  • Use current procedures to calculate the reinstatement amount.
  • Post payment as "RNS."
  • In the Pop-Up box, indicate that EFT has been added.
  • Submit the top copy of both the Change and EFT Authorization & Agreement forms to the Home Office.

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