Policy Fields: Details Description

• Premium: The premium field is BASE premium amount due and does not include any fees or taxes.

  • Including the fees and taxes will result in overcharging your customer and cause funding issues.

• Agency commission: This is your commission rate for this quote as a percentage or a dollar value. This % is applied to the Premium field ONLY.

• Agency fee: This is the fee that your agency receives.

  • Not financeable and added to the down payment on finance agreements.

• Policy Fee: Charged by the carrier, often listed as a separate line item in the quote document.

  • Not financeable and added to the down payment on finance agreements.

• Broker / Wholesaler fee: This is the fee the wholesaler or broker charges, often listed in the quote doc. This field will be funded to the MGA, NOT to your agency.

  • Not financeable and added to the down payment on finance agreements.

• Taxes: State-specific taxes, surplus lines taxes, etc.

  • Financeable and included in financed premium on finance agreements.

• Other fees: Total of any additional fees that don't fall into the above categories (EX: stamp fee, state-specific fees).

  • Not financeable and added to the down payment on finance agreements.

• Minimum Earned Rate: Provided by the carrier or MGA; may affect required downpayment. Also called Minimum Earned Percentage, MER, or MEP.

Frequently Asked Questions

Am I required to enter the Minimum Earned Rate?

Yes, this field is required. Failing to report an MEP/MER could result in a remaining loan balance if your customer's policy cancels before the minimum earned premium is satisfied, and your agency can be held financially responsible for failing to report.

What if I entered a field incorrectly, and the insured has already submitted payment?

If your agency subscribes to Ascend Plus, your accounting/admin users can make these edits during the Payout Approval process.

If your agency is not subscribed to Ascend Plus, you can create an endorsement to account for the changes needed:

• For any amount that was entered too high, process a premium-reducing endorsement.

• For any amount that was entered too low, process a premium-increasing endorsement. This will require your customer to pay an additional payment link to collect needed extra funds.

Can I split one policy into two or more programs?

No, one policy must remain on one finance agreement and on its corresponding program. Splitting up a policy into multiple programs/PFAs would result in a voiding of the loan.

What if my agency is earning commission on fees and/or taxes?

If your agency's commission on a policy is applied to amounts other than the net premium, enter the total quantity commissionable into the Premium field. Because the commission % entered is applied to the Premium field ONLY, you'll need to enter the entire amount the commission applies to into that field.

Although this is uncommon, some MGAs and carriers like SIS apply commission to taxes and/or fees.

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