Madison May 4, 2015 Bcc Phase 2 Assessment
Assessment for Phase 2 Billing Task Training
Questions and Answers
- 1.
What option is used for specifying a payment?
- A.
PM-DC
- B.
PM-TP
- C.
PM-TC
Correct Answer
B. PM-TPExplanation
PM-TP is the correct answer because PM-TP stands for Payment Method - Third Party, which is an option used for specifying a payment. This option indicates that the payment is being made through a third-party payment method, such as PayPal or Stripe, rather than directly through the platform or website.Rate this question:
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- 2.
What option is used to adjust a downpayment charge to the agent?
- A.
PM-TC
- B.
PM-CA
- C.
PM-DC
Correct Answer
C. PM-DCExplanation
The option PM-DC is used to adjust a downpayment charge to the agent.Rate this question:
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- 3.
What option is used to release a refund?
- A.
PM-RC
- B.
PM-TC
- C.
PM-TP
Correct Answer
B. PM-TCExplanation
The option PM-TC is used to release a refund.Rate this question:
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- 4.
When a refund check has been returned to the company as undeliverable, where would this information be seen?
- A.
Apex
- B.
PeopleSoft
- C.
Unclaimed Property
Correct Answer
B. PeopleSoftExplanation
The information about a refund check being returned as undeliverable would be seen in the PeopleSoft system. PeopleSoft is a software application used for managing various aspects of human resources, including payroll and employee information. In this case, PeopleSoft would be the most logical place to track and record the status of refund checks that have been returned as undeliverable. Apex and Unclaimed Property do not typically handle this type of information.Rate this question:
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- 5.
If a refund check has not been received, how many days must it be outstanding before a replacement check can be issued?
- A.
No requirements
- B.
2 years
- C.
30 days
Correct Answer
C. 30 daysExplanation
After a refund check has not been received, it must be outstanding for 30 days before a replacement check can be issued. This time period allows for any potential delays in mail delivery or processing.Rate this question:
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- 6.
In PeopleSoft, if a check has been cashed what area would show this?
- A.
Payment Clear date
- B.
Payment Issue date
- C.
Exception Comments
Correct Answer
A. Payment Clear dateExplanation
The Payment Clear date in PeopleSoft would show if a check has been cashed. This date indicates when the payment has been successfully cleared and the funds have been transferred from the payer's account to the payee's account. It serves as a confirmation that the payment has been processed and completed.Rate this question:
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- 7.
How many numbers must be included in the check number to search for the check in PeopleSoft?
- A.
7
- B.
12
- C.
10
Correct Answer
C. 10Explanation
To search for a check in PeopleSoft, 10 numbers must be included in the check number. This suggests that the check number in PeopleSoft consists of 10 digits.Rate this question:
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- 8.
In which situation can a refund check not be caught and reapplied?
- A.
Check was created today from a non-payment cancel in WI
- B.
Check was created due to an AZ underwriting termination
- C.
Check was created due to a rewrite (cancel code 3-8) in MN
Correct Answer
B. Check was created due to an AZ underwriting terminationExplanation
A refund check cannot be caught and reapplied if it was created due to an AZ underwriting termination. This means that the refund was issued as a result of a termination in the underwriting process in the state of Arizona. In such cases, the refund check cannot be caught and reapplied, suggesting that once the refund is issued, it cannot be reversed or redirected to another account or purpose.Rate this question:
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- 9.
What information should be included in Apex notes when sending a void/reissue request? Check all that apply.
- A.
Reason for request
- B.
Requestor name
- C.
Amount of check
- D.
Check number
Correct Answer(s)
A. Reason for request
B. Requestor name
C. Amount of check
D. Check numberExplanation
When sending a void/reissue request for Apex notes, it is important to include the reason for the request, the name of the requestor, the amount of the check, and the check number. Including the reason for the request helps provide context and justification for the void/reissue. The requestor name is necessary for identification and contact purposes. The amount of the check and the check number are essential details for accurately processing the void/reissue request.Rate this question:
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- 10.
In the case of a missing payment, what questions should you ask? Check all that apply.
- A.
What account was the payment intended for?
- B.
Did the payment clear the bank?
- C.
Are you sure you made the payment?
- D.
What type of payment was made?
Correct Answer(s)
A. What account was the payment intended for?
B. Did the payment clear the bank?
D. What type of payment was made?Explanation
To determine the cause of a missing payment, it is important to ask the following questions: What account was the payment intended for? This helps identify if there was any confusion or error in specifying the recipient. Did the payment clear the bank? This helps determine if the payment was successfully processed or if there was an issue with the bank transaction. What type of payment was made? This helps understand the method used for the payment and if there are any specific processes or requirements associated with it.Rate this question:
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- 11.
The Receivables department needs to correct any encoding error.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement is true because the Receivables department is responsible for managing and processing all incoming payments from customers. If there is an encoding error, it means that there is a mistake in the way the payment information is recorded or entered into the system. To ensure accurate and reliable records, the Receivables department should correct any encoding errors promptly. This will help maintain the integrity of the financial data and prevent any discrepancies or issues with customer payments.Rate this question:
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- 12.
A customer made two Pay Now debit/credit card payments. How do you fix the error?
- A.
Refund the duplicte payment by check
- B.
Reverse the debit/credit card payment
- C.
Advise the caller the duplicate payment cannot be returned
Correct Answer
B. Reverse the debit/credit card paymentExplanation
To fix the error of a customer making two Pay Now debit/credit card payments, the correct solution is to reverse the debit/credit card payment. This means that the duplicate payment made by the customer will be canceled and the funds will be returned to their account. Refunding the duplicate payment by check is not necessary as the payment was made through a card, and advising the caller that the duplicate payment cannot be returned is incorrect as the payment can indeed be reversed.Rate this question:
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- 13.
A new business policy was issued effective 06-05-2014 to 12-05-2014 in the amount of $346.70, choose the correct way the schedule will display.
- A.
6-57.78 7-57.78 8-57.78 9-57.78 10-57.78 11-57.78
- B.
6-57.80 7-57.78 8-57.78 9-57.78 10-57.78 11-57.78
- C.
7-69.34 8-69.34 9-69.34 10-69.34 11-69.34
Correct Answer
B. 6-57.80 7-57.78 8-57.78 9-57.78 10-57.78 11-57.78Explanation
The correct way the schedule will display is 6-57.80, 7-57.78, 8-57.78, 9-57.78, 10-57.78, and 11-57.78. This is because the new business policy was issued effective 06-05-2014 to 12-05-2014 in the amount of $346.70. The schedule shows the dates from 6th to 11th with the corresponding amount of $57.78, except for the 6th which has an amount of $57.80.Rate this question:
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- 14.
If the term of a new business policy is from 07-01-2014 to 03-14-2015, what will the due date be on their billing statement?
- A.
14
- B.
1
- C.
18
Correct Answer
A. 14Explanation
The due date on the billing statement will be the 14th of the month. This is because the term of the new business policy is from 07-01-2014 to 03-14-2015, indicating that the due date for payments falls on the 14th of each month.Rate this question:
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- 15.
When might a schedule smooth be used? Check all that apply.
- A.
Policy changes have been done
- B.
Correcting misapplied money
- C.
Billing months need to be added to the schedule
- D.
Required downpayment (RDP) reversal has been done
Correct Answer(s)
A. Policy changes have been done
B. Correcting misapplied money
D. Required downpayment (RDP) reversal has been doneExplanation
A schedule smooth might be used when policy changes have been done, correcting misapplied money, and required downpayment (RDP) reversal has been done. In these situations, a schedule smooth can help to ensure that the changes or corrections are implemented smoothly and accurately. It can help to avoid any disruptions or errors in the schedule due to these changes or reversals. Adding billing months to the schedule is not mentioned as a situation where a schedule smooth would be used, so it is not included in the answer.Rate this question:
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- 16.
What is the proper documentation to use when releasing a credit refund?
- A.
Per money request eForm released over payment of $ to insured
- B.
Per money request eForm contacted Receivables to release refund
- C.
Per money request eForm, released refund
Correct Answer
A. Per money request eForm released over payment of $ to insuredExplanation
The proper documentation to use when releasing a credit refund is the "Per money request eForm released over payment of $ to insured." This document confirms that there was an overpayment made to the insured and that a refund is being released as a result. It provides a clear record of the transaction and ensures that the refund is processed accurately.Rate this question:
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- 17.
When performing a schedule edit, you should always change a bill code T to a bill code C.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
When performing a schedule edit, it is not always necessary to change a bill code T to a bill code C. The decision to change the bill code depends on the specific circumstances and requirements of the schedule edit. Therefore, the statement that you should always change a bill code T to a bill code C is incorrect.Rate this question:
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- 18.
What is the proper documentation to use when an RDP is reversed and no schedule edit is needed?
- A.
Per RDP eForm charge agent $
- B.
Per RDP eForm, changed agent charge from $ to $
- C.
Per RDP eForm reversed charge of $ to agent
Correct Answer
C. Per RDP eForm reversed charge of $ to agentExplanation
The proper documentation to use when an RDP is reversed and no schedule edit is needed is "Per RDP eForm reversed charge of $ to agent". This documentation indicates that the charge for the RDP has been reversed and the amount has been credited back to the agent.Rate this question:
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- 19.
If you need to wait for the following day for a payment to be applied before specifying the payment, send the task back to Mailbox, CBSAMRESEARCH with a Delay Delivery.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The statement suggests that if you have to wait for a payment to be applied before specifying the payment, you should send the task back to Mailbox, CBSAMRESEARCH with a Delay Delivery. This implies that the answer is true, indicating that the statement is correct.Rate this question:
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Apr 27, 2023Quiz Edited by
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Apr 27, 2015Quiz Created by
BillingQT
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