Definition - What does Collection Book mean?
A collection book is a book used by debit agents to keep track of payments made on insurance policies. Collection books include information such as the amount collected, the week it was collected, and the policy period for the specific insurance policy that the debit agent is collecting on.
Insuranceopedia explains Collection Book
Collection books are extremely useful tools for debit agents and for the insurance companies whom they serve. This is because without a collection book, it would be very difficult to keep track of all of the necessary insurance information. If this information is not well monitored and kept track of, then it can lead to major problems for the insurance company. For example, the insurance company would not know which people have paid their premium, and which have not.
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