Installments

Because there are many variations of an installment plan, the following should be used as a guide to provide you a basic understanding of setting up an installment schedule.  If you need any assistance with installments, please contact AppSupport@rtspecialty.com. 

If an installment fee is being charged by us or the carrier, this should be established at the time of binding.  The total installment fee amount is entered on the Quote Detail screen, and can later be spread across all installments from the ‘Create Installment Invoices’ screen.   

On the Invoice Transaction - Header screen, the due date will default to 20 days from the later of the policy effective date or the date you are invoicing. The due date should not be edited unless we are billing late or re-billing to make corrections.  If we are billing late or re-billing, refer to the Invoice Date and Due Date section on the following pages. The market due date will default based on the contract terms with the market company.

Click the Installment Plan tab.

Click on the Plan drop-down list to click the appropriate installment plan and click OK.

Installment plan descriptions are labeled with the frequency, percentage down payment (if applicable) and the total number of payments due from the agent.   If the exact installment plan is not listed, click Cancel and contact RT AppSupport to have a new plan added.   Once it has been added, you will need to refresh AIM then click Policy|Invoice which will take you immediately to the Invoice Transaction – Header screen.
 

On the Invoice Screen, click the Installments tab, and then click Edit Plan.  

The installment plan is displayed based on the plan type selected in the previous screen. By default, the invoice date and due date for each installment is the same day for each installment.  The accounting effective date will be the same as the invoice date. In this example, since the policy was invoiced on the 18^th day of the month, each installment invoice date (and the accounting effective date) will be the 18^th day of each month.  It is important to know that the installment invoice will export to the accounting system seven days prior to the invoice date.

Invoice Date & Due Date: The invoice date is the date the invoice is created in AIM. The due date is the date the money is due from the agent. If you are billing on or before the effective date of the policy, the invoice and due dates do not have to be edited. If you are billing late or re-billing to make corrections, the invoice date on each installment must be edited in order to be 20 days prior to the due date. Keep in mind, any invoice date must be either a date in the current month or a date in a future month.  If you are re-billing several months after the policy is effective, the first few installments invoice dates may have to be edited to be the same date as the first installment.  The due date for each installment should not have to be edited in the Create Installment Invoices window if the correct due date was entered in the first invoice screen.

Fees & Taxes: All fees and taxes default on the first installment and typically should not be spread across the installment plan.

If an installment fee was entered, it may be edited on this screen, in order to spread the fee over multiple installments.

 Edit the invoice date, due date and premium fields as necessary and click OK.

Click Post. 

The first of three windows opens.   The first window is the memo invoice which is to show the total premium, fees and taxes invoiced.  

Memo Invoice:

After printing or closing, the second window opens displaying the broker copy of the installment plan.  This is the schedule that can be sent to the retail agent, which shows their payment schedule.

Broker Copy of Installment Plan:

After printing or closing the broker copy window, the third and final window opens displaying the company copy of the plan which typically can be disregarded.

 Company Copy of Installment Plan:

Accessing /Re-printing the Installment Plan Payment Schedule Anytime: At any time, the installment plan payment schedule can be accessed from the Accounting view.  Right-click on the installment invoice with the Memo status (Invoice-M) and click Print Installment Schedule.

Correcting an Installment Plan: Should the installment plan need revision, the entire plan must be reversed and re-invoiced. Individual installments are not editable. To reverse an installment plan, right-click the Memo invoice line and click reverse. Unless the submission needs to be re-bound to correct information, you can go directly to the invoice screen by clicking Policy|Invoice. Keep in mind that you may have to edit the due date and installment invoice dates if you are re-invoicing after the policy effective date as described earlier in this guide.

Endorsements:  Endorsements can be invoiced outside of the installment plan, on a lump-sum basis.  In some cases they can be invoiced by adding them onto the remaining installments.  

Endorsements – Lump Sum Payment: If an endorsement is to be billed in a lump sum, you must delete the due date field found on the Invoice Transaction - Header screen (the first of the two invoicing screens).  This will create a single lump sum invoice with “payable upon receipt” in the due date section of the invoice.

Endorsements - Spreading across Remaining Installments: If an endorsement is to be spread across the remaining installments, you must first review the installments from the Accounting View (before beginning the Endorsement process) to determine which installments have an “Exported” status and which have a “Posted” status.   

Only installments in “Posted” status are able to be edited.  Take note of the due date for the next installment invoice in “Posted” status.   This date will need to be used as the due date. Keep in mind there may be an instance where the carriers says the remaining seven installments are to be changed, but you only have the ability to change six remaining installments.  In this instance, you will have to double the endorsement premium on the first endorsement installment. 

Begin the Endorsement process (Policy/Endorsement), and once you are on the Invoice Transaction – Header screen, the due date will default to 20 days from the later of the transaction effective date or the date you are invoicing. Update the due date to match the next installment Due Date invoice in “Posted” status. 

Click the Installment Plan tab to ensure the original plan type is selected.  If not, select it again and click OK.

On the Invoice screen, click the Installments tab and then click Edit Plan.     

On the Create Installment Invoices screen, if you entered the correct due date in the previous screen, the due dates should not need to be edited.  Be sure to edit the invoice dates to reflect 20 days prior to each respective due date, and edit premium amounts as necessary.      Click OK.

After clicking post, the memo invoice and payment schedules will appear as usual. The broker copy of the installment schedule will be the REVISED PAYMENT SCHEDULE that can be sent to the retail agent.

NOTE: AIM treats each endorsement as a separate installment plan, yet puts each installment payment on the original premium installment plan. You have the ability to see each separate endorsement installment plan by changing the Invoice Filter from All Active to All at the bottom of the Accounting view.

At any time, you can view the transaction details on any installment invoice. On the Accounting view, right-click any installment invoice and click View.  The Invoice Screen will display all transactions on the invoice.

Version 8, 10/7/2022

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