Slide 1

Before we can use the Application in Insurance Brokerage properly to raise Premiums automatically, we have to define our Control Settings.

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Slide 4

When the System raises Premiums automatically on Policies listed on the Policy Master, then at that time the Customer Accounts are charged or debited and the Insurance Provision Accounts are Credited.

Now at least one Insurance Provision Account is necessary. That would be the minimum and that would be for the Currency in which the policies are based.

If we only work with local Currency on the Policies, then we only need one of these accounts. If we also use Foreign Currency Policies, then we need one Insurance Provision Account for each Currency that we deal with.

So these are simply Ledger Accounts and they are based in the Currency that is required for the Provision Account.

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Slide 6

In the example that we are looking at here, we have an Insurance Provision Account for the Local Currency, which in this case, is South African Rand.

Then we have another one for U S Dollar.

So obviously in this case we are dealing with Policies that are based in Rand and Policies that are based in U S Dollars.