ACORD 125 - Commercial Insurance Application Applicant Information Section - Carrier Info and Policy Status
Carrier Information
The Carrier - or insurance company - information is in the top right hand corner of the ACORD 125 form.
CARRIER: This is the name of the specific insurance carrier to whom you are sending the application.
NAIC stands for the National Association of Insurance Commissioners.
Here is their website home page...
http://www.naic.org/index.htm
They assign each insurance company a five digit code. You can search for any insurance company by name on their website at this page...
https://eapps.naic.org/cis/
COMPANY POLICY OR PROGRAM NAME: If your insurance carrier has a specific program or policy for the customer you are sending the application for, enter that name here.
Example: An insurance carrier might have a specific program for contractors called Clean Contractors 2020. You would enter that name.
PROGRAM CODE: If in addition to a program name, your carrier has a program code, enter that code in this box.
POLICY NUMBER: If this is renewal application, or if for some other reason the policy number has already been assigned, enter the policy number here. If no policy number has been assigned, enter tbd - to be determined - or some other response to that effect.
UNDERWRITER: The name of the specific underwriter to whom you are sending this application.
UNDERWRITER OFFICE: Many insurance companies have regional offices. Some have everything run from one single home office. Enter the name - normally the city is used as the name - of the office location where the underwriter to whom you are sending this application works.
STATUS of TRANSACTION
The Status of transaction has 6 status options. You should put a mark in all that apply.
QUOTE: Check this box if you want the underwriter to send you a premium quotation. Usually this is done before the customer commits to the policy.
BOUND (Give Date and/or Attach Copy): When you as an agent "BIND" a policy, you are putting that policy in force. You are committing the insurance company to pay losses on this customer until the company can issue legal cancellation notice. Make absolutely certain you and/or your agency has legal binding authority for this action. You can always ask your underwriter about this.
There are many times when binding a policy is exactly the right thing to do.
When you bind the policy, you must enter the date and time you are taking this action. While policies normally begin at either midnight or noon, when you bind a policy you must enter the actual time you take this action.
Never back date a bound date without written instructions from the underwriter to do so.
CHANGE: Check this box if you are only asking for changes to the application you have already sent.
CANCEL: Check this box if you are asking to cancel.
I have never seen this used. I suppose if you wanted to withdraw the application you would send this in to cancel the request. But an email would document the same purpose. If you are asking to cancel a polciy you need to send the ACORD Request for Cancellation form.
ISSUE POLICY: This is telling your underwriter to go ahead and issue the policy even before they tell you the cost. If you show a policy status of BOUND, you should also check the ISSUE POLICY box.
RENEW: This is telling your underwriter to go ahead and issue the policy renewal.
DATE: Normally you should enter in numeric format MM/DD/YYYY. Example 10/15/2014 for Oct 15 2014.
TIME: Enter actual time and check whether you mean AM or PM.
I hope this has helped you learn how to complete the ACORD 125 commercial insurance application applicant information section.
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