Premium Billing Schedule
Direct Bill Payment
ClearPath Mutual offers several direct bill payment plans for our policyholders' convenience:
Annual - 1 annual payment equal to 100% of the estimated annual premium. Minimum premium required for annual payment plan: $500.
Semi-annual - 2 payments, each equal to 50% of the estimated annual premium. Minimum premium required for semi-annual payment plan: $501.
Quarterly - 4 payments, each equal to 25% of the estimated annual premium. Minimum premium required for quarterly payment plan: $1,001.
Monthly - 25% of the estimated annual premium down and then 9 equal payments totaling the other 75% of the estimated annual premium. Minimum premium required for monthly payment plan: $2,001.
Self-reporting - ClearPath Mutual also offers a monthly self-reporting option, which is of particular interest to policyholders who have greatly fluctuating payroll figures. By self-reporting, the policyholder is paying higher premium when there is a higher number of employees on payroll, which is also presumably when the company is experiencing greater revenues, and the premium is lower during the months of the year when payroll figures are lower. With the self-reporting option, there is a 15% deposit of the original estimated premium held by ClearPath Mutual for as long as coverage is provided. When coverage is terminated, either by the policyholder or ClearPath Mutual, the deposit is returned to the policyholder less any premium outstanding at that time.
With all ClearPath Mutual payment plans, the billing statements are sent 30 days in advance of the due date.