Payment Adjustments, Refund Requests and Audit Trail
A premium amount is not always final when the first payment is taken. An additional charge may have to be raised, a payment may have to be returned, and a transaction that has not settled may need to be voided. CoverPay records each of these against the payment itself, and keeps a transaction and audit history behind them.
As part of the broader CoverPay insurance payment system, adjustments and refund requests sit alongside premium collection, installment schedules and retry handling.
What Changes After a Payment Plan Exists
Premium is not always final when the first payment is taken:
- An additional charge has to be raised against an existing payment
- A payment already taken has to be reversed
- A transaction has not settled yet and can still be voided
- Finance needs a record of what was charged, adjusted and returned
CoverPay records each of these against the payment, not against a policy record, so it works whether or not a policy has been issued. Collection itself is covered under the CoverPay payment platform.
Additional Charges and Payment Adjustments
CoverPay supports:
- Additional charge records raised against an existing payment
- Payment adjustments through the payment API
- Charge line items and charge-level detail
- Adjustment history retained against the payment
Adjustments are submitted through the unified Insurance Payment API.
Refund Requests
For a premium reduction or an overpayment, CoverPay records:
- A refund request raised against the original payment
- Refund line items and charge detail on the request
- The requesting user and the time the request was raised
- The request status alongside the payment it belongs to
A refund request is a recorded instruction, reviewed and actioned by the operations team. It is not an automatic return of funds.
Void Before Settlement
Where a transaction has not yet settled with the gateway:
- The transaction can be voided rather than refunded
- The void is written to the transaction record
- Payment and schedule status are rolled up from the result
Once a transaction has settled, a refund request is the route, not a void.
Transaction and Audit History
CoverPay retains:
- Transaction records for every payment attempt, with gateway response
- Service logs holding the raw request and response payloads
- Payment, schedule and charge history
- Refund and adjustment request records
- User and API access logs
This supports internal audit and finance reconciliation. Reconciliation itself sits with Premium Accounting.
Where This Fits for MGAs and Carriers
Adjustment and refund handling is used across:
- MGA programs collecting premium through agents and brokers
- Carrier and program business collecting at volume
- Agency bill and direct bill structures
MGA overview: MGA Payment Processing System. Carrier overview: Carrier Payment Processing System.
If your organization needs adjustments, refund requests and a clean audit trail sitting behind premium collection, request a technical walkthrough of CoverPay.
How This Service Connects to the Core Platform
This service operates within the connected Selectsys insurance infrastructure. Operational execution is fully aligned with the technology backbone.
- RQB: Rating and bind infrastructure for commercial and specialty lines.
- Expert Insured: Policy lifecycle system managing issuance, endorsements, and renewals.
- Premium Accounting: Insurance native accounting for agency bill, direct bill, trust, and reconciliation.
- CoverPay : Premium collection by Card and ACH for MGAs, wholesalers and carriers, with payment tracking and reconciliation support.
- Insurance BPO: Embedded teams executing submissions, underwriting support, servicing, and compliance.
Operational services are most effective when integrated directly with the core platform capabilities.
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