• A description of each field on a program's quote/policy

• Frequently Asked Questions

⚠️ Be sure to double-check the quote/policy details before sending your customer a program's payment link.

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Incorrect quote details will result in over- or under-charging your customer, will lead to funding issues, and may require additional payment from your insured.

Premium: The premium amount due does not include any fees or taxes.

• Including the fees and taxes will result in overcharging your customer and cause funding issues.

Agency commission: This is your commission rate for this quote as a percentage. This % is applied to the Premium field ONLY.

Agency fee: This is the fee that your agency receives. Not financeable.

Policy Fee: Charged by the carrier, often listed as a separate line item in the quote document. Not financeable.

Broker / Wholesaler fee: This is the fee the wholesaler or broker charges, often listed in the quote doc. This field will be funded to the MGA, NOT to your agency. Not financeable.

Taxes: State-specific taxes, surplus lines taxes, etc.

Other fees: Total of any additional fees that don't fall into the above categories (EX: stamp fee, state-specific fees)

Minimum Earned Rate: Provided by the carrier or MGA; may affect required downpayment. Also called Minimum Earned Percentage, MER, or MEP.

⚠️ Failing to report an MEP/MER could result in a remaining loan balance if your customer's policy cancels before the minimum earned premium is satisfied.

Yes, this field is required. Failing to report an MEP/MER could result in a remaining loan balance if your customer's policy cancels before the minimum earned premium is satisfied.

If your agency subscribes to Ascend Plus, you can make these edits during the Payout Approval process.

If your agency is not subscribed to Ascend Plus, you can create an endorsement to account for the changes needed:

• For any amount that was entered too high, process a premium-reducing endorsement.

• For any amount that was entered too low, process a premium-increasing endorsement. This will require your customer to pay an additional payment link to collect needed extra funds.

No, one policy must remain on one finance agreement and on its corresponding program. Splitting up a policy into multiple programs/PFAs would result in a voiding of the loan.

If your agency's commission on a policy is applied to amounts other than the net premium, enter the total quantity commissionable into the Premium field. Because the commission % entered is applied to the Premium field ONLY, you'll need to enter the entire amount the commission applies to into that field.

Although this is uncommon, some MGAs and carriers like SIS apply commission to taxes and/or fees.

Need more help? Contact us at support@useascend.com for more help.