LIFEfit business functionality - for complete product lines

product range | client database | new business | policy servicing | premium accounting | agency & commission | unit accounting | general accounting | actuarial valuation

PREMIUM ACCOUNTING

Billing and Collection

Combinations of frequency and method within a contract, direct billing, direct bank debit, list billing, cash controls and reporting

With Profits - Participating

Bonuses - Interim and reversionary - disbursed and accumulated, Family Takaful & participating schemes, Dividends

Policy Loans

Advance and arrears interest, spread on interest-sensitive

Reversals

All forward transactions are reversible to aid error correction
Automatic accounting and unit adjustments

AGENCY & COMMISSION

Hierarchy

Multi-level overriding commissions - Broker, Network, Direct, and/or Employed

Commission

Initial, renewal, single, rider & additional premium differentials
Rate variable by agent and product type
Indemnification, advances and clawback
Statements and payment

FIT Ltd