In Insurance Brokerage
we work with Policies that are underwritten by Insurers or Underwriters as
they are also called. We also have the concept
of Fee Earners. Fee Earners are those people who earn a Commission on the
Policies. |
|
We
have to list or define our Underwriters, i.e. Insurance and also our Fee
Earners. |
For
each of the Underwriters for which we sell Policies and for each Currency for
which we sell Policies, for that Insurer, we need to list an entry here as an
Underwriter with an appropriate AP Creditor Account, managed in the
appropriate Currency. |
|
For each Fee Earner that
we have in our System, we also need at least one Listing of an AP Creditor
Account, and that can be in the Local Currency for any type of Policy, in any
Currency or optionally for a local Currency and also additional Accounts for
the various Foreign Currencies on which this particular Fee Earner may earn
Commission. But for the Fee Earner,
if only a local Currency Account is Credited, then that will be used for all
Policies, irrespective of the Currency involved. |
Of course the purpose
with these AP Creditor Accounts, are that they are Credited with the Premiums
and the Commissions earned, when we process Premium Payments on the Policies. |
