The FUN-dementals
The entity that receives the billing notice and submits one payment for all associated policies
Who is the MCB Payer (Employer)?
In this type, employees are responsible for premiums while payroll deductions are used.
What is Employee-Paid (EE) MCB?
The most common default number of days before the due date when a bill is generated.
What is 20 days?
Payment method where a check is mailed with the bill to a lockbox.
What is Direct payment?
A payment is considered late if not received by this date.
What is the MCB due date?
The billing structure eliminates this, allowing employers to avoid receiving multiple notices per employee.
What are individual billing notices?
In an ER MCB, this party owns all ISAs and any surplus funds.
Who is the employer?
Bills must be scheduled between these calendar days each month.
What are the 1st and 28th?
This electronic payment method can be recurring or one-time.
What is EFT
This type of bill is generated 15 days after a missed payment.
What is an Urgent Billing Notice?
This is the mechanism to withhold unallocated funds
In an EE MCB, ownership of ISAs belongs to this group.
Who are the individual employees?
The two billing formats available to MCB payers.
What are Detailed and Simplified?
The status indicating a bank has returned a payment unpaid.
What is Dishonored Check?
Number of consecutive unpaid bills before termination process begins.
What is 2 bills?
Each employee on an MCB has at least one of these tied to their policies.
What is an ISA?
This feature differs because EE MCBs do not allow employer access to these funds.
What is surplus?
This billing format includes policy-level details like paid-to date and dividends.
What is Detailed billing?
The status that indicates payments are prevented from being processed.
What is Stop Payment?
Termination begins this many days after the first missed due date.
What is 40 days?
If an employee has more than this number of policies, an additional ISA is created.
What is 15 policies?
Regardless of the EE or ER status the payment is facilitated by this
What is the business?
The feature that determines how far in advance a bill is generated.
What are billing lead days?
This status means the MCB is no longer active.
What is Terminated?
Total timeline from missed payment to full termination completion
What is 65 days?