Acronyms
AP
Agency Partner
Susie is charged $1,000 for her annual auto policy. What is the name for this charge?
Premium
Greg has his auto policy through Geico. What is Geico?
Insurance Company (or Carrier)
Susie's auto insurance policy is effective beginning February 2019 and expires February 2020. What is this time frame called?
Policy Period
River Valley receives 10% of Susie's premium. What is this 10% on River Valley's financial statements?
Commission Income
AB & DB
Agency Bill & Direct Bill
Susie extends her auto policy for another year. What is the name for this extension?
Renewal
Greg has a life insurance policy with Liberty Mutual. Who is Greg?
The insured
Greg signs a contract with Geico for his auto insurance. What is the name of this contract?
Policy
River Valley pays 40% on Susie's policy to Terri. What is this 40% on River Valley's financial statements?
Commission Expense
PrBr
Susie decides to use a different broker and terminates her current policy with Acrisure. What is the name for this termination?
Cancellation
Susie contacts Terri at River Valley Insurance to find the best auto insurance rates. Who is River Valley?
Broker/Agency
Susie contacts Terri at River Valley Insurance to find the best auto insurance rates. Who is Terri?
Agent
Acrisure receives cash from River Valley for our commission. Is a debit or credit to the cash account?
Debit
PA
Partner Allocations
Susie's daughter turned 16 and she added her to the family's auto policy. What is this change called?
Endorsement
Susie pays Liberty Mutual her life insurance premium. What is Liberty Mutual setup as in the AMS?
Billing Company
PPE (Epic)
Parent Company (AMS360)
BCO (TAM)
Doctor Grey has malpractice insurance that insures her for up to $1,000,000. What is this protection called?
Coverage
Acrisure pays the net premium on Greg's policy to Liberty Mutual. Is this a debit or credit to Carrier Payables?
Debit
M&A
Mergers & Acquisitions
The insurance company reviewed Greg's workers comp policy after it expired and decided he owed an additional $5,000. What is the name for that amount?
Premium Audit
Liberty Mutual wrote Susie's life insurance policy. What is Liberty Mutual setup in the AMS?
Issuing Company (Epic)
ICO (TAM)
Writing Company (AMS360)
Doctor Grey wants to view the summary information of her policy. What document does she look at?
Declarations Page
Terri invoices Susie for her auto insurance premium of $10,000. In River Valley's financial statement, what account is the $10,000 recorded to?
Carrier Payables