Input Forms - Part 1
What are the billing request forms you learned?
1. Nexsure renewal form
2. Endorsement billing request form
3. Premium finance agreemen
How do you request policies to be renewed in nexsure? (not looking for steps. Just want to know who/where you do to request this)
Task this request in Image Right
A client has requested a list of their certificates. What is this document called?
Cert Key
How many days is a typical renewal cycle?
120-140 days
What's the difference between direct bill and agency bill?
Direct bill - The client pays the policy directly to the insurance carrier
Agency Bill - Lockton bills the client and the client pays Lockton and sends funds to the carrier
What documents do you need in order to request a premium finance agreement?
1. Premium finance request form
2. Binders
3. Financials if above $1M in premium
The insurance carrier will not offer installment plans for my client. What can we offer the client in order to pay invoices overtime?
Premium Financing
What are the two ways a COI or EOP can be issued?
Autocert or tasking to dencerts
Your client's insurance renewal just bound. What is the first task you should complete?
Renew Certificates.
Reminder - Prep your mock ups in advance when possible. The turn around for certificates being needed can be quick.
Whats the difference between a binder and a policy?
A binder is temporary proof of coverage before the full policy is issued. A policy is the official, complete insurance contract.
If I have policies on a premium finance agreement, should I bill these before a premium finance company is chosen?
No. Any policies on a PFA now need to have the "Bill to" method changed from the client to the finance company. Lockton PFA team will task the billing for the PFA policies for you once the agreement is chosen.
When do you need to charge a surplus lines tax?
When the policy is non-admitted
What type of coverage does an EOP show?
Property
What are the 4 main parts of a renewal cycle?
1. Pre-Renewal
2. Marketing/Submission
3. Proposal
4. Bind Coverage/Renewal
What is a fee agreement?
Instead of the client paying Lockton a commission percentage on a policy, a fee agreement is a contract where the client agrees to pay Lockton a set fee for administration, consulting, and other services.
What documents do you need in order to renew or request dencerts to create new COI & EOP masters?
1. COI & EOP Mock Ups
2. Binders OR email from carrier confirming coverage is bound and confirming policy numers
Lockton just BOR'd a new client and they are needing a certificate. What is the first thing you need to do in order to issue a cert?
Set up the "new client profile" in Nexsure.
What document do we need to complete if we want dencerts to issue certificates on our behalf?
CIG (certificate issuance guide)
When would Lockton be responsible for filing Surplus Lines taxes?
If Lockton places coverage with a nonadmitted carrier themselves instead of through a wholesaler, Lockton would be responsible for the SL taxes.
What is a wholesaler, and when would we typically work with one?
A wholesaler is an insurance intermediary that works with brokers(like Lockton) to access specialized insurance markets, typically nonadmitted carriers.
We work with them for higher hazard, unique risks that can't be covered by the admitted market.
You just received an endorsement from the carrier for a midterm change where they removed 2 vehicles from their auto policy and return premium is owed back to the client. What are the steps you need to do to process?
1. Save & rename endorsement in Image Right
2. Task a billing request to generate a Lockton invoice
3. Once invoice comes back, review for accuracy. If all looks good, mark the task as complete in Image Right
4. Complete the Return Premium Request form referencing your invoice number & task for funds to be sent to the client
5. Send endorsement and include an email draft of what you would send to the client to your AM/AE to review.
6. Send to client and let them know a return premium will be sent to them for the auto endorsement
In what scenario is commission deletion used on an input form?
Never.
We have attachments in autocert for various endorsements on the GL polcy (blanket additional insured, blanket waiver of Subrogation, etc.). At renewal, we are switching GL carriers. What do I need to do?
Replace the endorsements in the system with the new ones from the carrier.
Note - policies can take 30-60 days to be issued, so the endorsements might not be available. You can request these from the carrier ahead of the policy being issued.
What is the first task on the excel renewal cycle task list?
Ex-Mod Projection Received from risk management?
Where can you go to see if a carrier is admitted or non-admitted if you don't know?
Consumer Insurance Search Results - CIS (NAIC.org)