Key terms across premium collection, installment billing, payment orchestration, and reconciliation
This glossary defines key terms used in insurance payment workflows, including premium collection, installment billing, compliance, reconciliation, and payment infrastructure. Each term is linked to deeper resources for MGAs, wholesalers, carriers, and agencies managing insurance payment operations.
Bank-to-bank payment method used for premium collection, commonly used for recurring installment payments.
Billing model where the MGA or broker collects premium directly from the insured and distributes funds to carriers.
Technology used to connect payment systems with rating, policy, and accounting platforms.
System used to manage installment schedules, payment tracking, and premium billing across policies.
Regulatory requirements governing how payments are collected, processed, and reported.
Fee applied to credit card transactions, subject to state-specific rules.
Billing model where the carrier collects premium directly and pays commissions separately.
A payment that is declined or not processed successfully, requiring retry or recovery workflows.
Connection between payment systems and premium financing providers.
Process of collecting premium over time through scheduled payments tied to a policy.
System layer that connects premium collection, billing, compliance, and reconciliation.
Execution of payment transactions including collection, routing, and reconciliation.
Automated or manual notification triggered when payments fail beyond defined thresholds.
System that processes ACH and card transactions between insureds and payment platforms.
Logic that controls how payments are routed, processed, and tracked across workflows.
Sequence of steps managing payments from collection to reconciliation.
Third-party funding of premium with repayment by insured over time.
Process of aligning payments with premium, commissions, and financial records.
Requirement to hold and manage premium funds separately from operating accounts.
Event-driven notification system used to trigger real-time payment updates across systems.