What Does Account Current Mean?
Account current refers to the financial report issued to an insurance agent by the insurance company. It contains the transactions made in a certain period of time. These transactions involve the premium payments, commissions, approved policies, and cancelled policies.
Insuranceopedia Explains Account Current
As a reminder of their performance for a specific period of time, an insurance agent is given a statement called the account current. This statement details the monetary transactions that they have in their name. The statement will include the number of policies that they have sold, the commissions received, the premium payments received for the company, and even the policies that were negotiated but were eventually cancelled.