Premium
General:
Premium is due on or before the first of the month. A grace period of 31 days is allowed for the payment of each premium. If premium is not received on or before the last day of the grace period, coverage will be terminated and notification of termination will be sent to the TPA and a copy to the Insured.
The following is an outline of the time-table applicable to premium remittance:
· Premium Due Date: 1st Day of the Month
· Grace Period Ends: 31st Day
· Pre-Cancellation Notice Sent to TPA: 32nd Day
· Cancellation Notice Sent to Insured: 45th Day
A Premium Reporting Form must be completed and submitted with each month’s premium remittance. Please submit form with premium payment to National Underwriting Services, Inc.
Premium Adjustments:
Premium Adjustments on a current case are permitted back to one year. (Three months on a terminated case).
Commissions:
Commissions (if applicable) will be payable once the carrier appointment process is completed, the case is appoved and premiums are collected. See the Administration section for the appointment requirements.
Additional Commission information is as follows:
· Payments are issued by the 15th of the month following the month in which NUS receives the premium and the premium reporting form.
· Premiums can be submitted net of commissions.
· IRS Form1099 will be issued to all non-corporate recipients if commissions total at least $600 in a calendar year.