How to read the Transaction History on a policy

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This table shows you all the financial transactions that have taken place on a policy since the policy started. All premiums payable on a policy are tracked on a monthly basis.

Transaction_1.png

 

Premiums are debited against the policy when they are due. At this time, the policy balance will be minus the premium amount. If a premium has been paid, the policy is credited, and this will bring the policy balance to R0.00.

If no premiums are outstanding, the policy will have a R0.00 balance. 

If an amount is owed, the policy will have a negative (-)  balance. If an amount is credited to a policy, such as when the policyholder pays more than the premium that is due, the policy will have a positive (+) balance.

 If a premium is missed the policy will be in a debit state, and there will either be a payment retry or this premium will be collected along with the new premium on the policyholder’s next billing day. This depends on the settings of the product module.

If any changes are made to the policy that impact the policy’s billing, this will also be reflected in the Transaction History.

Examples of this include:

1. Billing day adjustment

  • This can either credit or debit the policy, depending on when the billing day change is made.  To gain a better understanding of  billing day adjustment calculations and how a billing day adjustment can impact a policy premium, please read the Billing FAQ on our Help Centre.

2.  Policy schedule updates

  • Changes made to a policy schedule can increase a premium such as when a dependent is added.  A decrease in premium can occur if a dependent is removed.

3. EFT Allocation

  • If an EFT allocation is made to a policy, it would credit the policy.

You can click a transaction to view more details. If it is an entry created for a billing day adjustment or a  premium, this is what is detailed:

  • Date the entry was created
  • Description of the entry (In this case an adjustment was made)
  • The amount that is being debited
  • The balance of the policy at the time that the entry was created

Transaction_2.png

 

An entry for a payment will include the below information:

  • Date the entry was created
  • Description of the payment
  • The amount
  • The balance on the policy at the time that the entry was created
  • Internal payment ID
  • External payment reference
  • Payment status
  • Payment action date
  • The date that the payment was finalised
  • Collection type
  • Payment type
  • Payment premium type

Transaction_3.png

 

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