Christmas Day is less than one week away which means it’s time to finalize all those last minute gift ideas, prep for your holiday dinner and fill out your final sales report for US Weather Insurance. Sending over the final sales form is the last step in our client’s sales promotion. This form should be sent over via fax or email one to two business days after the sales promotion ends. US Weather Insurance will also need proof of payment of the final amount owed in order to endorse the policy. After the final sales have been recorded, US Weather will endorse the policy for the exact amount of sales done during the sales promotion. The final sales report will be send over by US Weather Insurance with the policy, there are five main points to recognize for the final sales report.
- Limit on Policy- This is the estimated sales volume from the original policy and application.
- Actual Total Sales- The total number of sales recorded during the sales period.
- Sales Already Secured- The total amount you covered upfront when binding the policy. This number is 50% of the limit on the policy.
- Balance of Sales to be Paid- This number can be determined by taking the actually total sales and subtracting the sales already secured. This will be the amount that the final additional premium will be based on.
- Premium Rate- This percentage is from the original quote/policy set from the carrier. Using this rate, you must multiply the rate by the balance of sales to be paid and determine the additional premium. The additional premium will be the endorsement amount.