How Do You Use a Pro-rata ACORD 35 Cancellation with Installment Payments?

[assuregent]

I am using an ACORD 35 for the first time. The customer is being cancelled pro-rata. Say the premium is $1000. He's made 3 quarterly payments, so has paid $750. Exactly 60% of the time period of the policy has passed (been earned).

So the return premium is $150 ($750 - $600). However, the ACORD 35 has no place to show this calculation. It only shows

Full Term Premium = $1000 (The premium for the full term (six months, annual, etc.) of the policy)
Unearned Factor = 40% (The unearned factor from the unearned premium of time; from date of cancellation to date of policy expiration)
Return Premium =$400 (The gross return premium equals the unearned factor multiplied by the full term premium).

(Parentheses are from the ACORD instructions)

So where do I write $150? Thanks!

 

[iiinycboi]

i just check off pro rata and the carrier does the actual math.

dont forget even tho its pro rata, there could be policy fees, min. earned, etc... that can lower the return.

and for me agency bill, i get net return due to me then i have to put back in unearned commission before i issue to insured.

you are from ny too? seems like the last month or two we had a surge in ny members lol

 

[assuregent]

Unfortunately, in my case, I have to fill it out. There are no fees, taxes, etc.

 

[iiinycboi]

you probably got it right, they will have a -250 on his invoice so when they credit him 400 he will only have 150 coming back

 

[kmjohanson]

Unfortunately, in my case, I have to fill it out. There are no fees, taxes, etc.

Please feel free to contact me directly at [email protected] for additional assistance with this form. Thanks.