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Q. What does the Acct Date mean?
A. The account date is the month and year the transaction was processed.
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Q. What does the account status at the bottom of the page mean?
A. The account status is based off of the effective date of a policy. It does not always mean the account is past due.
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Q. What does the asterick sign next to a policy number mean?
A. If there is an asterick sign next to a policy number, it means that the amount has been on your statement over 90 days and is considered past due.
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Q. Who is responsible for unearned premium disbursements on a canceled policy?
A. On direct bill or installment policies, Red Shield will refund unearned premium disbursement to the insured. If the policy is agency billed, the unearned premium due the insured will be posted to the agent's statement and the agent is required to disburse funds to the insured. Outside financed policies through retail agents with a balance still owed to the finance comapny will be sent directly to the finance company by Red Shield. The agent's statement will be charged the unearned premium amount sent to the finance company to offset the credit on the statement from the cancellation. For outside financed policies through General Agents, the unearned premium will be applied to their statement and they are responsible for refunding the outside finance company.
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Q. How do I determine the return commission due Red Shield on a canceled policy?
A. The charge back for unearned commission is the debit amount identified in the Comm column for the cancellation transaction. If it is a direct bill policy or set up under our installation program, the Balance Due column will reflect the amount due.
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