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All lines of business are
eligible for EFT. |
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Multiple policies on the EFT
program for the same bank account must have the same
effective date. If they have different effective dates, the
company will change them to the same date. |
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All monthly policies will be
setup on a 6 month term (except Umbrella which has an annual
term) with monthly withdrawals. |
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Two months premium and the
completed EFT Request must be submitted with the application
for monthly EFT. |
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$200.00 and the completed
EFT Request must be submitted with the application for term
EFT. |
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$200.00 or the term premium
whichever is less is required with all Direct Bill New
Business. |
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We will be collecting
premium one month in advance. |
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The first withdrawal on new
business will take place one month from the effective date
of the policy. The balance due on the policy will be
withdrawn evenly over the next four months. |
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All changes will be spread
evenly over the remaining withdrawals left in the term. |
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A withdrawal notice will be
mailed out with every billing showing the new withdrawal
amount and the next withdrawal date. A withdrawal notice
will not be mailed out every month except on renewal or a
change resulting in a premium adjustment. The withdrawals
will take place on the same day of every month. |
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Existing Monthly EFT
policies can be converted to the 6 month term, by having the
insured fill out and SIGN the EFT Conversion Request.
The conversion can not be made just by endorsement from the
agency. |
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The first 6 month term on
conversion will be withdrawn evenly over 5 months starting
with the first withdrawal on the effective date of the
renewal. Thereafter the premium will be withdrawn evenly
over 6 months. |
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Commissions on the Monthly
EFT policies will be paid monthly. |
