Policy and premium / Payment schedules
Installments that reconcile to the cent before they are written
Your organization defines its own installment plans — the platform ships none. Generating a schedule splits the rated total across the installments with the odd pennies on the first, and proves the split reconciles to the cent before anything is written.
Invoices are drafted only from the latest rating run, so an invoice never carries a number no rating execution produced.
The question this answers
What happens when a premium does not divide evenly?
The pennies land on the first installment, and the schedule is checked against the rated total before a row is written: “Schedule generated: 4 installments; premium split reconciles.” Any per-installment charge your plan carries rides on top, itemized separately, so the premium shares alone always equal the rated premium.
How a schedule is committed
Plan, split, prove
Billing records money; it never takes it. Every receipt is a record of funds that arrived in your organization’s own account.
Your Plans
A name, 1 to 24 installments, a down payment percent — the down payment is the first installment — a cadence in days, and a per-installment charge if you set one.
The Split Is Proven
The rated total is split across the installments and checked to reconcile to the cent before the schedule is written.
Invoices From The Rating Run
Drafted only from the latest rating run, numbered, then issued — and paid when receipts cover them.
Receipts Record Arrivals
Amount, date, method — check, ACH, wire or other — and reference. The invoice flips to paid when receipts cover it.
Why this is strict
The failures this prevents
Each rule closes a route by which a premium ledger stops agreeing with itself.
Rule
What it prevents
Split Proven Before Writing
Schedules that do not add back to the rated premium
Invoices From Rating Runs Only
An invoice carrying a typed number
Receipted Invoices Cannot Void
Receipted paper is corrected downstream, never voided
Refunds Bounded By Receipts
Refunding more than the ledger actually received
Reconciliation Computed Live
A stored opinion of the balance that drifts from the ledger
Where we are honest
Where a schedule ends
The schedule is a record. What happens when payments do not arrive is the delinquency cycle’s job, and money never passes through Waypoint.
No Online Premium Payment
There is no pay link and no charging of insureds through a payment provider. Premium is paid to your organization, outside the platform.
Refund Approval Has A Ceiling
Below your refund auto-approval ceiling a refund approves itself; at or above it, the person’s authority decides; over that, it escalates.
Missed Payments Go To The Ladder
A past-due invoice starts the delinquency cycle on the notice periods you entered for the state and line.
Read next
Give us a premium that will not divide
Set up a quarterly plan with a down payment, generate the schedule from a rated premium that leaves odd pennies, and watch where they land.