The Total Estimated Annual Premium - All States section is the 5th section down on the ACORD 130.
The numbers you enter here come from the Premium Section on page 2. If you are using Cap Dat ACORD forms these fields will automatically fill once you have completed the Premium Section on Page 2.
TOTAL ESTIMATED ANNUAL PREMIUM: The important word here is "estimated". Workers compensation premiums are subject to audit and adjustment based on the actual payroll during the policy premium.
TOTAL MINIMUM PREMIUM: Each workers compensation class code has its own minimum premium that will be charged regardless of the actual result of the rate times the payroll. You enter the highest minimum premium for any individual class code on this policy in this space.
TOTAL DEPOSIT PREMIUM ALL STATES: This is the amount you need to collect from your customer to send in with the application. Check with your company on payment plans. Each company's payment plans will have their own minimum deposit amount.
If your carrier does not have a payment plan option, consider offering a premium finance option to your customer. In many states your agency may be able to receive some additional revenue from a premium finance company for placing customers with that specific premium finance company. Something to think about.
I hope this helps you learn how to complete the ACORD 130 workers compensation application.
We all learn things for the first time at some point. Please fell free to share.
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