Account current

Account current,

Definition of Account current:

  1. 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.

  2. An account at a bank or building society from which money may be withdrawn without notice, typically an active account catering for frequent deposits and withdrawals by cheque.

  3. 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.

  4. 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

Bank account

How to use Account current in a sentence?

  1. The account current is a summary statement of an individual insurance agent's business over a period.
  2. The account current is required to reconcile the accounts between an insurer and an agent.
  3. The account current guarantees timely payment of premiums to general agents or insurance companies as required by the agent’s fiduciary duty.
  4. 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. .
  5. 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

Account Current,

Account Current: What is the Meaning of Account Current?

Account Current definition is: Monthly statement from your agent to the insurance company with insurance number, premium requested, compensation premium, commission and net amount due through the insurer.

Account Current refers to Checking account refers to financial statements issued by insurance companies to insurance agents. It consists of transactions that take place within a certain period of time. These transactions include payment of premiums, commissions, approved policies and canceled policies.

Usually detailed statements given by agents, which they write to a particular company at the end of each month.

Literal Meanings of Account Current

Account:

Meanings of Account:
  1. See or see yourself in a certain way.

  2. Report or description of an event or experience.

  3. A record or report of financial income and expenditure relates to a specific period or purpose.

  4. An agreement in which an organization raises funds on behalf of a customer or provides goods or services to a customer on credit.

  5. An agreement that gives a user personal access to a computer, website or application by entering their username and password in person.

Sentences of Account
  1. Detailed report obtained

  2. He doesn't care about money

Synonyms of Account

communiqué, sketch, importance, interest, value, judge, consider, weightiness, interpret as, exposition, look on as, hold to be, view as, concern, statement, momentousness, story, book, description, journal, financial statement, portrayal, tale, recital, news, take for, explanation, significance, version, adjudge

Current:

Meanings of Current:
  1. A body of water or air that moves in a certain direction, especially around water or air, where there is less movement.

  2. This is from the current era that is happening or is being used or is being done.

Sentences of Current
  1. Tidal wave

  2. Stay up to date with the latest happenings

Synonyms of Current

steady flow, contemporaneous, ongoing, contemporary, backdraught, present-day, present, slipstream, stream

Account Current,

How To Define Account Current?

Meaning of Account Current: A checking account is a statement sent by an insurance company to its producer.

Literal Meanings of Account Current

Account:

Synonyms of Account

ledger, delineation, rendition, interpretation, gravity, consequence, narrative, note, results, mark, see as, narration, prominence, weight, substance, seriousness, reckon, rate, gauge, financial record, think of as, think