Account Current

What Does Account Current Mean?

Account current is a financial report issued by an insurance company to an insurance agent. It details the transactions made during a specific period, including premium payments, commissions, approved policies, and canceled policies.

Insuranceopedia Explains Account Current

An insurance agent is provided with a statement called the account current as a reminder of their performance during a specific period. This statement outlines the monetary transactions associated with their account. It includes details such as the number of policies sold, commissions earned, premium payments collected for the company, and even policies that were negotiated but later canceled. Agents who run their own offices typically review account current statements alongside their own overhead costs, including what they pay for insurance agent business insurance. The premium figures on an account current reflect rates the carrier set using the same factors that determine how business insurance premiums are calculated for any policyholder.