Understanding your billing invoice and term definitions
Premium - Policy - Down Payment
New and renewal policies may require a down payment.
Premium - Installment
Installment Estimated Premium is allocated over the policy period, dependent on the payment plan.
Premium - Payroll Report
The premium due based on the calculation of the Payroll Report submitted by the Insured.
Premium - Audit
The premium variance based on the difference between estimated/reported premium and audited premium.
Past Due Balance
Amounts billed on prior invoices that remain unpaid at the time the current Billing Invoice is generated.
Automatic Payment Amount
The amount invoiced less any payments or credits made after the Invoice Date and including any customer- initiated adjustments.
Cancellation Charge
Charge assessed when an insurance policy is cancelled by the insured before the expiration date of the policy period.
Installment Fee
Fee assessed to bill and pay Estimated Annual Premium in multiple installments over the policy period. No fee if premium is paid-in-full prior to the first installment invoice or Account is enrolled in automatic payments.
Late Fee
Fee assessed on unpaid balances.
Payment Plan Processing Fee
Fee assessed for a promissory note payment plan. The fee is applicable to each promissory note payment plan installment.
Payment Reversal Fee
Fee assessed if payment is returned by the bank.
Reinstatement Fee
Fee assessed if policy is reinstated, per the policyholder’s request.
Reporting Fee
Fee assessed for premium-payroll report processing. No fee if premium-payroll report is submitted on-line at www.copperpoint.com or www.alaskanational.com.
Note: Payments received after the effective date of cancellation will NOT serve to reinstate coverage. Such amounts will be credited to the account and applied to any outstanding balances.
For additional support, contact us at 800.231.1363 or submit a Help Request.