Payables are amounts due to individuals or organizations by a carrier:
Central Return Premium Queue
All return premiums to be issued appear in Policies > Payments > Return Premium.
Today or Prior
When integrated with a vendor like QuickBooks, return premiums can be automatically exported from the queue. However, only return premiums dated today or before will export. Any future-dated return premiums will not export until its date comes to pass.
BriteCore supports a standard and fully automatic return premium workflow.
The standard process for return premiums includes automatic and manual processing.
- If a credit is created from a mid-term policy cancellation and is above the defined return premium threshold, BriteCore will automatically move the return premium to the queue. On flat cancels, BriteCore will automatically move the return premium to the queue regardless of the amount and defined threshold.
- When applying a manual (check, cash, money order) overpayment, an option exists to automatically move the overpayment part of the payment to the queue.
- If a credit is created from a decrease in premium, the return premium is not automatically moved to the queue. When applicable, a user must issue the return premium from the Accounts Receivable screen of the policy
- If a credit is under the return premium threshold setting, the return premium will not automatically move to the queue, even on cancellation
- From electronic payments, the setting Enforce minimum (currently due) and maximum (payoff amount) payment amounts when making electronic payments from the Secure Checkout page was presented. If this setting is disabled or an agency processes a sweep payment from the Agent Portal > Payments module, an overpayment that results in a credit on the account will not automatically move to the queue. A user must issue the return premium from the Accounts Receivable screen of the policy
Through a handful of database settings, return premiums can be automatically moved from the policy to the queue.
General Settings that Apply to the Standard or Automatic Return Premium Process
When enabled, this setting allows the option to reject a return premium, which removes the return premium from the Return Premium Queue, adds the return premium back to the policy as a separate Rejected: Return Premium row in Account History, and creates a Return Premium Rejected note. When a return premium is rejected, the rejected account history row appears on the same term as the associated return premium. To enable, run
#UPDATE settings SET value=1 WHERE option='clear_return_premium_reject'
When a return premium is rejected, this setting will update the print state of the associated Return Premium Notice. To enable, update the
value to a valid print state, such as void or do not print, and then run
#UPDATE settings SET value='do not print' WHERE option = 'rp-print-state-on-reject'
Settings > Modules > Policies > Accounts Receivable
Display Void Option for Exported Return Premium Rows
When checked, a Void button appears on Return Premiums that have been exported from BriteCore. When voided, a line appears through the Return Premium transaction, a note is written on the policy, and the credit is added back to the account. Engineers may read PR 4332 for more information.
Settings > Modules > Policies > Policy Lifecycle > Cancellation > Options
On Rewrite, Automatically Transfer Return Premium to the Newly Rewritten Policy
When enabled and a policy is rewritten, the return premium of the old policy will automatically transfer to the new policy. This automation eliminates the need for a user to manually transfer the return premium.
Settings > System Wide > Administrative Alerts > Processing
Failed Check Exports
When return premium or claim payments are ready to be issued but have not been exported to a general ledger like QuickBooks an email like below will be sent. The email will contain a listing of unexported payments:
BriteCore Notice: Pending Check Exports
The following checks have not yet been exported and are still pending. Please log in and complete the required processes.
Settings that Apply to the Standard Return Premium Process
Settings > Modules > Policies > Policy Lifecycle > Payment > Return Premium
When a policy is canceled and the amount of the return premium is above the defined minimum threshold, the amount will be moved automatically to the Return Premium Queue; otherwise, the return premium will remain on the policy.
- The setting uses < or = logic. A threshold of $10 means any return premium < or = $10 will remain on the policy
- The setting only pertains to cancellation transactions; it does not apply to return premiums caused by a policy change or an overpayment of premium due
Settings that Apply to the Automatic Return Premium Process
Each setting below is appears in the database only. Engineers may read PR 4324 for more information. To test the automated return premium workflow, create a test site, enable the settings, and then run
Enabling this setting allows for the automatic handling of return premium. To enable, run
#UPDATE settings SET value=1 WHERE option='generate_return_premium'
This setting defines the return premium threshold for automatic processing and works similarly to the minimum threshold setting for standard processing. The setting uses < logic; for example, a threshold of $10 means any return premium < $10 will remain on the policy. To enable, update the value to the desired threshold, and then run
#UPDATE settings SET value=20 WHERE option='credit_threshold'
This setting defines the number of days the credit remains on the policy until it is automatically moved to the Return Premium Queue. The setting uses > or = logic; for example, a value of 10 means the return premium will be moved from the policy to the Return Premium Queue 10 or more days prior to today. To enable, update the value to the desired timeline, and then run
#UPDATE settings SET value=10 WHERE option='days_in_credit'
When a return premium is created, a Return Premium Notice generates automatically and prints overnight. When using the Display Void option for Exported Return Premium rows, which provides the ability to void a return premium, the automatic printing of the Return Premium Notice may be undesired. This setting delays the printing of the Return Premium Notice by a defined number of business days. To enable, update the
value to the number of desired business days, and then run
#UPDATE settings SET value=1 WHERE option = 'days-to-delay-printing-auto-rp-deliverable'
Click on the image below to open in a new window. Access the raw file here.
Manually Issue a Return Premium from a Policy with a Credit
- Navigate to the Accounts Receivable tab of the policy
- Click Issue Return Premium
- Type a Reason
Validation ensures a return premium cannot be generated for more than the current credit balance. For example, if the credit balance is currently $50, the return premium cannot be issued for $55.
Track Check Numbers
Tracking check numbers for Return Premiums is currently accomplished through an API call, a database setting, and a database column. Engineers can read PR 4326 for more information.
Issue a Return Premium on a Policy Without a Credit
- Navigate to the Administrative Portal dashboard
- Click Support Tools. Only users with the appropriate permission may access this page
- Click Refund
- Complete the fields
- Click Create Refund
When a refund is generated with this tool, the results are the same as if the refund was issued from the policy. That is, a return premium account history row will be created, the return premium will move to the return premium queue, a note will be written, and if applicable, a return premium transfer will appear on the policy to which the return premium was transferred.
Issue a Return Premium to the Carrier
There are cases when a Return Premium must be issued to the carrier. For example, while transitioning onto BriteCore, money may have been applied to the incorrect processing system. In this case, issue the Return Premium to the carrier, rather than the insured, and apply money to the correct processing system:
- Navigate to Policies > Payments > Return Premium
- Click the pencil icon
- Select the carrier from the Contact drop-down list
- Select the address from the drop-down list
- Click Done
What is the difference between rejecting and voiding a return premium?
The difference between voiding and rejecting a return premium is whether the return premium has been exported from BriteCore. If the return premium is in the Return Premium Queue (not exported) it can be rejected. If a return premium has been exported it can be voided.
Can you reject a return premium once it is exported from the Return Premium Queue?
No. In this case, the return premium would need to be reapplied as a payment.
When would a user delete versus reject a return premium from the Return Premium Queue?
- Deleting a return premium removes the record of the return premium on the Accounts Receivable screen. Though an audit trail can be reconstructed through notes, it cannot be through the Accounts Receivable screen
- Rejecting a return premium creates a separate transaction row that allows an audit trail through the Accounts Receivable screen
For what reason might someone reject a return premium?
An example could be that the account is presently overpaid and generated a Return Premium but an endorsement is forthcoming that would reduce the credit. In this case, the return premium would be rejected and reissued once the endorsement is processed.
Which report captures rejected or voided return premiums?
- Presently no report captures rejected return premiums. Rather, the return premium will appear in the Return Premium report but exported will equal N
- Presently no report captures voided return premiums
How do I know a return premium is in the queue?
Navigate to the queue, or run the Return Premium report and review the exported column. Any Return Premium with N in the exported column means the return premium has not been exported.
For what amount should a return premium be issued?
- If the account does not have future invoices, issue the return premium for the amount listed as the Credit at the top of the Accounts Receivable screen
- If the account has future invoices, issue the return premium for the credit amount listed as the Trailing Balance on the final invoice of the term
What happens if I cancel a policy into the future that results in a credit?
- The policy’s Accounts Receivable tab will display the date you processed the cancellation, that is, today
- The queue, though, will display the cancellation effective date. For clients using QuickBooks or StoneRiver, the return premium will not export until the cancellation effective date
How do I issue a future-dated return premium?
- Issue the check manually from your general ledger
- Once issued, navigate to the queue in BriteCore
- Click the X next to the applicable return premium
- Select Mark Exported
What is the Clear All button's purpose?
If you issue return premiums manually (not via QuickBooks or StoneRiver), the Clear All button allows you to Mark Exported all return premiums in the queue dated prior to today.
If a return premium is not exported, is there an escalation process within BriteCore?
No. The return premium will remain in the queue until it is transferred, deleted, exported, rejected, or manually processed.
The insured passes away. The cancellation of the policy results in a return premium. How do I issue the Return Premium to a contact not on the policy?
- Issue the Return Premium to the insured
- Modify the recipients name to the appropriate contact in your general ledger
- Make a note on the policy in BriteCore
- Prior to canceling the policy, endorse the policy and add the appropriate contact as an additional interest
- Process the cancellation
- Update the recipient's name in the Return Premium Queue
- Export the record to your general ledger
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