Audit Fundamentals
When does a policy get audited
After the policy expires
Where do you find the Auditors worksheet?
In EDM under the MISC tab
Where do you find the class codes and exposures in the Binder Letter?
CSGA 408
When final premium is higher than estimated premium, this is billed.
What is an additional premium? (AP)
Who assigns the monthly audits
Your Team Lead
What is the procedure when an agent/insured request and auditors worksheet
CSU associates are not permitted to release them to the agent. The insured needs to provide us a written request on their company letterhead requesting audit worksheets. This request is then forwarded to PremiumAudit2@cinfin.com.
Where will you find any specific instruction such as rate changes or exposure allocations
In the BMS Comments and/or email
The primary purpose of a premium audit is to ensure that premium reflect this
What are actual exposures
When the insured owes less after audit, this is issued.
What is a return premium? (RP)
If you are processing an audit and the current term has been cancelled what is the next step
Reinstate policy
You can find this in the Binder on page 2
Minimum Earned Premium (MEP)
When processing an Audit in ESteem, how many days do you go back into the auditing term to process
1 day
These are the premium/exposures that can be audited
What is Payroll, sales and Total cost
When the auditor and insured disagree with audit results.
What is a dipute
An audit where the insured failed to provide the information that the auditor has requested
A "non - productive" audit
When are Agency bill audits processed?
AP Agency audits are processed by the 15th of every month
Name a HARD stop when processing an Audit
1. Class Codes do not match
2. auditor listed Payroll in of sales
When adding the deposit premium what codes do you use
Only the codes that have been audited
The person that needs to be notified immediately if the agent/ insured disputes an audit
The Underwriter
These are the pages that are sent to the agent after you have processed the audit
Endorsement Declarations page as well as the audit manuscript to the agent.
Direct Bill Audit can be processed in this time frame
What is anytime during the month.
When adding the audit manuscript what do you use when selecting premium
FLAT
Where do you find the information on the auditor's worksheet that shows the actual findings for the exposures
In the GL totals on the auditor's worksheet
This is what happens when the insured did not pay their additional premium for their audit
The audit will go into collections
It is not necessary to add the deposit premium on class codes that were audit even if the exposure is zero (0)
FALSE - You will need to include the deposit premium if the class code was audited.