⚠️ This article is about premium-reducing endorsements. For information about premium-increasing endorsements, check out the article here. ⚠️

• When to create a premium-reducing endorsement

• How to create a premium-reducing endorsement

• What happens next after endorsement creation

• FAQs

1. Navigate to the relevant program page in the dashboard.

2. Click the Actions button on the top right corner and click Endorse.
   

   

3. Select Reduce premium on the following page and select the policy the endorsement applies to.

4. Enter the relevant amounts being returned from each party re: return premium and/or unearned commission and attach the relevant endorsement document(s).

5. Add a brief Reason for endorsement.

6. Click Create endorsement and select the payment method where the return funds will be coming from.

The Agency Account will have the ability to login to their Ascend portal and make payment for the unearned commission that they owe to the MGA/Wholesaler. This can be found in the Outstanding Balance section.

If the program being endorsed is financed...

• The amounts returned will be applied to the loan balance as they are received.

• The last payment on the loan payoff schedule will be adjusted to account for the lower remaining balance.

• If the RP and unearned commission pays off the remaining loan balance, the insured's subsequent invoices will be deleted and the loan will be paid off.

Note: This does not result in immediate lowered monthly payments for the remainder of the insured's loan. Please contact our Support Team at support@useascend.com if you would like to lower all monthly payments due to a reducing endorsement.

If the program being endorsed was paid in full...

• All funds returned from all parties on the program will be refunded to the insured via check.

If the RP is not paid at the same time that the endorsement is created, you will see a Transfer Funds link at the top of the program page. Please use this link to transfer the funds for the premium-reducing endorsement back to Ascend.

No, the credit from the carrier will be applied to the customer's outstanding loan balance in all scenarios.

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