Incoming Payments: Return Premium Workflow

When a policy is canceled or endorsed, your team may receive return premium funds from a carrier or MGA that need to be applied back to the insured's program or loan.

If received as a check, Ascend supports depositing and applying these funds from Incoming Payments.

Return Premium Workflow

1. Deposit the check

   1. Navigate to Incoming Payments

   2. In the top right corner of the page, select Upload check

      

   3. Upload the Front, Back, and any reconciliation docs (such as the relevant cancellation invoice) for the check

      1. Checks should be endorsed as follows

         Pay to the order of 
         Grasshopper Bank
         026015244
         For deposit only
         <Agency name>

         

2. Search and select the relevant return invoices

   1. Select Return Invoices from the dropdown. This will allow Return Invoices to be surfaced in the search.

      

   2. Use the search field to locate and select return invoices.

      1. This can be completed before the check clears processing

      2. The payment must be fully consumed by the selected invoices.

      3. All invoices must be fully paid by the payment; no partial payments.

   3. Click Apply payment

Frequently Asked Questions

Q: Why are some invoices not available to be selected?

A: Return premium invoices may be billed to the retail organization, or to an MGA/Carrier. Invoices that are billed to different parties cannot be selected together. If the payer for a return premium invoice needs to be updated, do so on the relevant program page before attempting to apply funds.

Q: Can I partially pay a return premium balance?

A: No, return premium balances must be paid in full. If the return premium amount needs to be updated, this should be done from the relevant program page before attempting to apply funds.

Q: The payment amount is for more than the invoiced amounts, how can I resolve?

A: The payment amount must be fully consumed by the invoices to which it is being applied. If a return premium invoice amount is incorrect, then it should be updated from the relevant program page. If the return invoice amounts are correct and the payment amount still exceeds the invoice amounts, there is likely a missing invoice for another policy cancellation or endorsement, either for that insured or for another insured related to that MGA/Carrier.