Premium Accounting
Premium Payments
Late Premium Procedures
Enrollment Standards
Terminations
Reinstatements
Rescissions
Our policies are on a self-bill basis, without the use of billing statements. Premium payments are due on the first of the month. Payment should be submitted along with the Premium Remittance Excel Spreadsheet. Customized worksheets are permitted, as long as the worksheet includes the following information.
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Month for which payment being made is applicable
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Group name and policy number
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Listing of rates being remitted (must document whether or not rates are on a gross or net basis)
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Enrollment counts for the month being remitted and adjustments must be documented
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Calculation of total monthly premium
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Life premium payment must includes items 1 to 5 plus the volume of coverage for each life product if applicable (Group life, AD&D, supplemental, dependent, etc.).
Download the Premium Remittance Spreadsheet.
All Premium payments should be made payable to BEST Re Incorporated and sent to:
BEST Re
Attention: BEST Re Premium Accounting
PO Box 19721
Irvine, California 92623-9721
Phone: 877.868.5775, ext. 642
Fax: 949.724.1603
A Premium is considered past due if not received by the end of the Grace Period established in the Contract (normally 31 days). Premiums received after the 14th are considered Late Payments. BEST Re will notify all TPAs of the Policyholders whose premium have not been received by the 15th. This notice informs the TPA that premium has not been received and that it is due before the end of the Grace Period.
If premium has not been received by the end of the Grace Period, termination or rescission of the Contract will take place without further notice. Receipt of payment extensions after the Grace Period is granted at the sole discretion of BEST Re.
Changes of more than 15% from the effective date of the coverage must be reported to BEST Re immediately. BEST Re has the right to change rates and/or factors in order to adjust for changes in plan participation. Termination of the Contract may result if the total enrollment drops below a preset minimum number of lives outlined within the Contract.
The following includes some conditions that will result in termination of coverage.
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Enrollment & Plan Participation - Failure by the Employer to maintain these Contract requirements will result in action defined by the Contract, including termination.
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Premium Non-Payment - The Policyholder may be considered terminated without further notice if the premium due is not received within the grace period outlined in the terms of the Contract.
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Returned & Unpaid Check - The premium due must be express mailed in the form of a certified check or money order and received within three (3) business days in order to prevent termination for non-payment of premium. If this happens again within the Contract year, termination or rescission occurs automatically.
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Third Party Administrator Change - BEST Re will terminate the stop loss coverage on the date the Plan Sponsor terminates the administration unless BEST Re gives written approval of the change. At the sole discretion of BEST Re, the Contract may be transferred over. The new administrator must be “Approved” by BEST Re.
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Policyholder’s Request to Terminate - Upon written request to BEST Re, the Policyholder may effect termination. No refunds will be recoverable.
Reinstatement is at the sole discretion of BEST Re and varies case by case.
Upon rescission, all premium received by BEST Re will be refunded directly to the Policyholder along with the rescission notice.
Some of the reasons why Contract coverage may be rescinded are:
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