• The billing cycle begins with the closing of the month on the first business day after month end (example: month end is Friday, January 31: January is closed on Monday, February 3).
• The month-end close process produces the Account Current statements for the prior month (January). This takes from one to two business days for the statements to be printed, sorted, reviewed and mailed by the end of the fifth business day (example: The January statements would be mailed to the agency by Friday, February 7).
• The terms for Account Current is payment within thirty days after the date of the monthly statement which is always the last day of billing month (example: The payment of the January Account Current statement mailed to the agency on February 7 is due at Med James, Inc. by February 28).

Brokerage – Some companies require full premium payment anywhere from 5 to 15 days after binding. This will be indicated on both the quote sheet and by invoice that accompanies the binder. Business placed with these companies requires terms not compatible with the Account Current method and are paid according to the invoice.

Premium Financing

Med James, Inc. can provide optional premium financing, but does not provide this service unless requested by the producer. Acceptance of the financing proposal must be in writing and accompany the binding request. Med James, Inc. will not accept any outside premium financing.

If there are any questions regarding accounting issues, you may contact Cindy Cannon in our Accounting Department at ext. 622.