AFT/Monthly Billing
What is the difference between a "hard stop" and a "soft stop"?
Soft Stop: Done by AFLIC, keeps AFT info; Hard Stop: Done by Agent, removes AFT info
What are the billing modes offered by the Life Company?
AFT, Agent Deduction, Employee Deduction, Quarterly, Semiannual, and Annual
The minimum amount for a loan repayment
$20.00
What is the end of the 10 day late payment window if the end of the 31 day grace period is 9/25/2021?
10/5/2021
BONUS: Who can we discuss the 10 day payment window guideline with?
What is needed when Advance Premium is requested?
W-9 form
Between which "days of the month" are acceptable for the Bill Extract Date for monthly AFT?
1st - 28th
When is a payment receipt sent?
Upon customer request
When is confirmation of a loan repayment sent?
Either when the entire loan balance is paid off OR by request
The amount of days a Loan Payoff quote is good for
10 Days
Name TWO acceptable relationships for an agent to have Agent Deduction as their billing mode
Spouse/Domestic Partner, Child, Step-child, Grandchild, Sibling, Parent, Step-parent, Grandparent, Legal Guardianship
Which day of the month should the Bill Extract Date be set for a policy on Employee Deduction?
22nd
BONUS: What is the name of the form required to process a request for Employee Deduction?
Why is Annual billing mode the cheapest mode of payment?
Only 1 bill is sent, therefore it is less expensive for the Company to bill Annually
What happens when a Loan Payment is made throughout the policy year?
The payments are applied towards the loan principal, thus decreasing the amount of interest due
What is the difference between the Loan Balance and the Loan Payoff amounts?
the Loan Balance includes the interest due at the Anniversary date
If no specific date is requested, what day of the month will the AFT draft from the account for a newly issued policy?
The same day as the effective date day
What is the 3-day process of applying premium for a policy on AFT?
Day 1 - the AE (bill) is sent to the bank
Day 2 - the NA is added to data collect (pulls from payor's bank account)
Day 3 - the NA is applied in WMA history
Define Status Q
Dividends to Pay Premium Automatically (Vanishing Premium, but PLEASE don't use "Vanishing")
BONUS: Why is the payor billed with this policy status?
What is unique about the quoting process of a Loan Payoff amount for Loan Interest in Arrears?
The Rep must compare the Loan Payoff in WMA with the Online Loan Calculator; if the amounts do NOT match, an email should be sent to Jean Hawker and Jamie Hanson to review
BONUS: What is the amount in which the values may be off by so that Jean and Jamie do NOT need to review the file?
If the effective date of a policy was in June and the policy is paid to October, which MONTH do we need to pay the policy to in order to change the billing mode to Quarterly?
December
What is needed from a customer in order for us to research their Over Draft fees?
Copy of their bank statement
A life policy is paid to August 19, 2021. Today is September 19, 2021 and the premium is due for 2 months. When can we resume the billing (if we can)?
After the policy owner/payor makes a manual payment; we CANNOT double bill!!
Name all the payment OPTIONS available for a customer to make a payment on their life policy
Payment with the Billing Care Center, Pay Now, Online, Agent's office, mail a check/cashier's check, Automated Pay by Phone
Name all of the payment METHODS available for a policy owner to make a Loan Repayment (i.e., the medium of money)
Cash, Check, Money Order, Debit/Credit Card
A request for employee deduction is received on November 16, 2021; the paid to date of the policy is November 8, 2021. What is needed to accomplish the request?
Payment for the November premium and a Salary Deduction Authorization form
BONUS: When will the payment deduct for the December premium?
What is a Returned Bank Item?
An AFT draft or customer check that cannot be processed by the financial institution
BONUS: What is ONE reason the payment can be returned?