PBT Terms
(payment processing)
(payment processing)
Suspending billing activity for a certain amount of time.
What is Hold?
This will hold everything for the customer. In future state this can even house personal and business policies. This will be internal only.
What is Customer Account Number?
We bill the customer (this can be responsive or non-responsive).
What is Direct Bill?
The customer’s billing account number. Policies under the same invoice stream will have the same payment type, producer code, due date, etc.
What is Invoice Stream?
The reimbursement of money to a customer due to a change in their policy, the cancellation of their policy, or an overpayment to their policy.
What is Disbursement?
The customer needs to take action to pay the bill.
What is Responsive?
Policy is paid after the due date, and policy needs to be reviewed for reinstatement.
What is Restart?
No action required by the customer to pay the bill.
What is Non-Responsive?
When a cancelation notice has printed and the customer pays it before the due date, so the policy was never canceled in the system.
What is Rescind?
The pending cancellation of an insurance policy due to the policy holder's failure to pay the premium.
What is Delinquency?