Definition of Account current:
The account current is a summary statement detailing the financial performance of an individual insurance agent’s business over a specified period. These statements form the basis for the reconciliation of accounts between the insurer and the agent. The account current is the basis for the paper trail as premiums paid by policyholders travel between insurance provider, agencies, and agents.
An account at a bank or building society from which money may be withdrawn without notice, typically an active account catering for frequent deposits and withdrawals by cheque.
An account current lays out the financial components of an insurance agent’s business in detail. The statement is usually comprehensive in that it specifies premium and claim performance at the individual policy level. The accounting also typically shows summary transaction information as a record of balances owed. These balances are due either to the insurance agent or the insurer depending on the balance of claims paid, the premiums that are written, the premiums returned, and commissions.
A type of account that is ongoing between two or more entities. Can also be referred to as a report summarizing the performance of each individual insurance agent in an agency.
Synonyms of Account current
How to use Account current in a sentence?
- The account current is a summary statement of an individual insurance agent's business over a period.
- The account current is required to reconcile the accounts between an insurer and an agent.
- The account current guarantees timely payment of premiums to general agents or insurance companies as required by the agent’s fiduciary duty.
- Items on the account current include gross premiums, agency commissions, the net payable amount on the current statement, and payments made or received between each submittal of the accounting. .
- The problem is that a bank current account is required to gain access to a number of money transmission systems.
Meaning of Account current & Account current Definition