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What does the premium audit process entail?

April 26, 2017audit Premium process

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What does the premium audit process entail?

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The determination of premium is a function of remuneration, predominantly payroll. At the inception of the policy, the premium is based on estimated payroll information. As a result, policyholder financial records are reviewed at expiration in order to accurately verify the amount of payroll for the policy period. Any changes in payroll may result in an additional premium or a return premium.