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26 Cards in this Set

  • Front
  • Back
Bill Mode
The billing method (how we bill our customers).

• Direct Bill (DB)
• ExpressIT (EI)
• Payroll Deduct (PD)
• Monthly Recurring
Credit Card (MRCC)
Deficit Bill
A bill for the short (behind) equity amount.
Equity
The days of insurance purchased.
Earned Premium
The premium (balance) due for coverage provided on a canceled or expired policy.
Equity Based Billing
Program/system based on the concept that the customer pays for coverage in advance.

Example: Direct Bill (DB)
No Late Pay Flag (NLP)
Flag set by Underwriting indicating if payment received after cancel date, the policy can not be reinstated.
Non-Pay Cancel Notice
Notice (bill) for the payment amount due to prevent the policy from canceling.
Payment Plan
Direct bill (DB) installment plan to pay insurance premium.
Scheduled Equity
The number of days required to be purchased by the specific due date for the matching pay plan.
Underwriting Do Not Renew (UW DNR)
Flag set by Underwriting indicating the policy will not renew.
ExpressIT Authorization Form
Form signed by the insured authorizing MetLife Auto & Home to automatically deduct monthly premium from a bank account.
Bill Run Date
Date MetLife Auto & Home sends electronic confirmation to financial institutions to request premium payment.
Deduction Notice/Prenote
Notification sent to the customer indicating the date and amount that funds will be automatically withdrawn from the bank account.
ExpressIT
Payment plan where premium is automatically deducted monthly via electronic funds transfer (EFT).
Non-Equity Based Billing
Program//system based on the concept that the customer pays in lower increments to keep policy active.
Direct Bill
Billing method where bills are mailed directly to customers.
GPC Code
Three digit code that identifies the Group Account affiliation (company/employer name).
Pay Interval
Two Digit code that identifies the pay frequency (weekly, bi-weekly, semi-monthly).
Paypoint
Two digit code that identifies the different payroll groups/locations within the account.
Payroll Deduct
Payment plan that allows MetLife Auto & Home Group customers to have premium automatically deducted from their paycheck.
Refund
Overpayment which is being retuned or credited back to the customer.
Company Code (Bill Mode Code)
Two digit code that identifies the bill mode code.
Equity Date
The date which the policy is paid to.
Outstanding Bill
A bill that has been sent to the customer & has not been paid.
Monthly Recurring Credit Card
Payment plan that allows customers to have premium payments automatically charged to their credit card accounts each month.
Monthly Recurring Credit Card Authorization Form
Form signed by the insured authorizing MetLife Auto & Home to automatically charge a credit card monthly.