Bill Mode Changes
Regular bill mode renewal dates are based off of what date?
Policy Effective/Issue/Anniversary date
True or false? Advance Premium options are available on ANY policy.
FALSE: Advance premium does NOT apply to UL/MyLife/DreamSecure Flexible Life policies.
True or false? An agent deduction can be requested via phone, email, or regular mail; a form is NOT required.
True!
What methods of payment are acceptable for premium and/or loan repayment?
Pay in cash at Agent's office or mail a check to Newark, NJ, Debit or Credit Card, PayNow or Pay by Phone
Who can stop AFT payment?
Agent's office, customer billing/billing center (hard stop), or Life Customer Experience (soft stop billing block)
A Policy Owner contacts Life Services to change their bill mode FROM monthly AFT to Semi-Annual; the anniversary date is in September and the policy is currently paid to May. How many months of premium are required to change the bill?
4 months: May, June, July, August
What is required to be submitted for any payment that is identified to be advance premium?
W-9
What two 'immediate family' relationships are acceptable for employee deductions that are NOT acceptable for agent deductions?
Niece or Nephew
In what scenario would American Family send out a monthly bill for loan repayment?
NONE - never!
True or false? An AFT payment returned for 'Unable to Locate Account' must have updated banking information prior to resuming AFT, and the billing block must be manually removed upon receipt of a replacement payment.
True! The banking information must be updated prior to resuming AFT, a warm transfer must be done to the Agent or Customer Billing to update the Policy Owners banking information prior to removing the billing block, and the billing block must be manually removed upon receipt of a replacement payment.
If the policy anniversary date is February, what are the renewal months?
May, August, November, February
A 20-Year Term policy was issued on December 6, 2018; current date is August 27, 2024. The Policy Owner contacts American Family Life Insurance Company and requests to pay the premium as far in advance as possible. How many years is the Policy Owner able to pay in advance?
14 years
If an AmFam employee contacts Life Services on October 23, 2024 to request that their life policy be deducted from their paycheck each month, and the policy is currently on quarterly bill mode and paid to October 13, 2024, what is required to proceed with this change?
A form must be completed and a payment for October and November must be made; the Employee Deduction would then begin on November 22, 2024 for the December premium due.
What is the minimum amount for a loan repayment?
$20
Where should a customer request to put a policy on AFT be transferred to?
Agent, Customer Billing/Billing Center
Name all of the 'regular' bill modes.
Premium payments can be discounted for up to how many years in advance?
30 or to the next renewal date (if term policy)
What is required for a bill mode change to Employee deduction?
This REQUIRES a signed form: Salary Deduction Authorization Form must be filled out completely, indicating their SSN/Tax ID # in order for AFLIC to deduct premium from their paycheck each month.
What is a prorated premium amount that is necessary to pay the policy to the renewal date based on the specific bill mode requested?
Fractional payment or Fractional premium
If payment is received on a policy with AFT stopped due to RBI, the ONLY reason that will resume AFT automatically is...?
NSF/nonsufficient funds/insufficient funds
December
What is the current interest rate for advance premium payment discounts?
5.25%
Employee Deduction always bills on what date?
the 22nd of the month prior
When are loan repayments billed and for what amount?
Loan payments are only billed ONCE per year (on the anniversary date of the policy) and only billed for the loan interest due.
For a request to change a bill mode to AFT, when the policy paid to date is in the future, and the new deduction date is set prior to today's date, when will the deduction occur?
Immediately!