Billing Invoice Transaction Definitions

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 or


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.