FAQ’ S
WHAT POLICYHOLDERS ARE ASKING IN PREMIUM RECEIVABLES AND PREMIUM AUDIT
BY: ROBIN D’ ERI & STEVEN PRIVITERA
WE RECENTLY asked our own workers’ compensation specialists in five disciplines what questions policyholders most commonly ask. In the first of a series, here are FAQs from two areas: Premium Receivables and Premium Audit. Billing / Premium Receivables How Can I Pay My Premium? We accept check payments by mail or online. Payments cannot be made over the phone at this time. If paying by mail, include the bottom stub of the quote page or billing statement and send it on or before the due date.
Why Am I Receiving A Bill When I Paid For My Policy Up Front Or The Term Of The Policy Has Ended?
Workers’ compensation is based on estimated payrolls. Within 90 days of the expiration of the policy, a member of our Audit department will contact you to schedule an audit. The audit provides the actual payrolls in order to report the correct premium calculation associated with your policy.
Why Am I Receiving A Bill For An Audit I Never Completed?
We are required to produce an audit within ninety days of the policy expiration date. If the information is not received in time or an actual audit is not conducted, you will be billed based on an estimation of premium. Why Am I Receiving Two Similar Bills So Close Together? Workers’ compensation insurance is based on estimated payroll. When an audit has been completed or an estimated audit bill is issued, the current policy is endorsed to meet the previous year’ s final premium. Oftentimes, one bill reflects the audited premium while the second bill is for the endorsement on the policy. The endorsement reflects the up-to-date payroll numbers, ensuring the most accurate premium.
Can I Opt Out Of Charges For The DIA In Massachusetts
And Terrorism? No. These charges are state or federally mandated. Why Have I Received A Letter Of Non-Renewal When I
Have Already Sent Payment?
To provide sufficient notice, we issue these letters 20 days prior to the policy expiration date. You can disregard the letter if payment has been made.
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