Preauthorized Check Plan


Definition of "Preauthorized check plan"

Stephen Cotton Broker real estate agent
Stephen Cotton Broker, Real Estate Agent West USA

Plan for the automatic payment of premiums due through drafting by the insurer of the policyowner's preauthorized bank account. Usually, the insurer drafts this account on a monthly basis for the premium payment owed. Studies show that persistency is highest when premium payments are made through bank draft plans.

 

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