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FAQ ID # 301
Last Update : 2012/06/25
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Question / Issue
What is Agency Bill?

Answer / Solution

Agency Bill is also known as Premium Finance.  Only choose this option if the premium balance will be financed through a Premium Finance company. 

When choosing Agency Bill, please specify under the 6 Month Pay Plan & the 12 Month Pay Plan:

  • Percent Down
    • The percentage of the total premium that will be required as a downpayment
  • Number of Payments
    • After the downpayment, this is the number of payments the insured will have left
  • APR
    • Annual Percentage Rate.  This percentage is used to calculate the finance charge on the term balance after the downpayment is made


Related FAQs
What Financing Options are available?
What is Direct Bill?

Direct Link to This FAQ
http://www.itcdataservices.com/support/ecmpfaq/?f=301

Tags
premium finance

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