General Accounting Terms

BILLING

TAXES

CANCELLATIONS/RETURN PREMIUMS

BILLING

General: Agency checks, cashiers checks, mortgage company checks, money orders and finance company drafts are the only forms of payment accepted by Kimbrell Insurance Group. Insured’s checks are accepted for direct bill policies only. For Direct Bill Company policies please make checks payable to the appropriate company (i.e. Montgomery, AIG, CNA, etc.). If there are any questions, please contact your underwriter.

Agency Bill: A statement will be sent for all agency billed items by the fifth of the month. The statement amount will be due by the fifteenth of the month and will be considered delinquent on the twenty-first of the month. If delinquent, a direct notice of cancellation may be issued.

We now have the ability to email your monthly statement. Complete the E-Statement Consent form and submit to Accounting today!

Direct Bill: The commission for direct bill policies will be paid once a month in the percentage amount equal to what the company pays to us on or about the twenty-fifth (25th) of the month.

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Policies written with a non-admitted carrier are subject to taxes. These taxes are handled by our office.

North Carolina: Please remember that any risk located in the state of North Carolina must be accompanied by a signed Form F. This applies to all policies, whether they are new business, renewals, or rewrites. Policies may be subject to cancellation if form is not received within thirty days of binding.

Virginia: Virginia risks must include the agent’s federal identification number for filing purposes.

If you should have any questions or concerns regarding taxes, please contact Ann Prince, Tax Processing Administrator.

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Credits for these transactions will show on your statement approximately forty-five days from invoice. Please be advised that if there is a discrepancy with the carrier this credit may be rebilled to your statement. Any financed premium will be returned to the finance company on a gross basis. The unearned commission will be billed to the agency.

Feel free to contact us at accounting@kimbrellcompany.com with any questions.

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