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Frequently Asked Questions - Trade Credit Policy Managersm
1. What is Trade Credit Policy Managersm?
2. Who uses Trade Credit Policy Managersm?
3. What do I have
to do or know in order to use Trade Credit Policy Managersm?
4. Why should I
use Trade Credit Policy Managersm?
5. Can my Broker
do this for me?
6. Is there an
alternative?
7. After the initial
set-up, how do I enter data into Trade Credit Policy Managersm?
8. What kinds of
reports does Trade Credit Policy Managersm
generate?
9. What does Trade Credit Policy Managersm cost?
10. Is there a contract or
can I cancel at any time?
11. What if I have problems
with Trade Credit Policy Managersm, whom
do I contact?
12. What if my screen locks
up and I have to reboot, do I lose all of my data?
13. What if I enter the wrong
customer or policy parameters into the system?
14. What if my hard drive
crashes, do I lose all of my data?
15. What if my bankers or
other authorized third parties want to access my information?
1. What is Trade Credit Policy Managersm?
Trade Credit Policy Managersm is a trade credit
insurance policy management and contact system (or Intranet
software product) based on Microsoft Access®.
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2. Who uses Trade Credit Policy Managersm?
Trade Credit Policy Managersm users include:
trade credit insurance policyholders (such as manufacturers,
wholesalers, exporters and trading companies) and their insurance
brokers.
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3. What do I have to do or
know in order to use Trade Credit Policy Managersm?
Trade Credit Policy Managersm requires no special
skills or special training to access and operate. Users need
only be familiar with basic computer functions and Microsoft
Windows®/Access® computer navigation skills.
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4. Why should I use Trade Credit Policy Managersm?
Trade Credit Policy Managersm incorporates
all of the manual functions you currently use to manage your
insurance policy into a completely automated system. It results
in tremendous time savings, which dramatically reduces administrative
costs. It improves accuracy and timeliness in policy administration
and allows personnel to devote energies to other tasks in the
organization.
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5. Can my Broker do this for
me?
Brokers who license Trade Credit Policy Managersm
can do this for you and provide you with the output that Trade Credit Policy Managersm generates. Brokers may
charge you an administrative fee for providing output from Trade Credit Policy Managersm. If you would like your
broker to provide this service for you and they do not currently
license Trade Credit Policy Managersm, you
can refer them to Lex-Tek International, Inc. in order to assess
Trade Credit Policy Managersm for themselves.
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6. Is there an alternative?
Trade Credit Policy Managersm was conceived
and developed to fill a very specific need and niche in the
insurance services industry. Trade credit insurance requires
frequent service and constant attention to properly administer.
Standard insurance policy management systems do not have provisions
to manage the nuances of trade credit insurance. Trade Credit Policy Managersm
is THE cost effective solution.
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7. After the initial set-up,
how do I enter data into Trade Credit Policy Managersm?
Data is entered into Trade Credit Policy Managersm
just like you manage data in your paper or other policy filing
and management systems. Policy Declarations and Endorsements
for special conditions or Approved Buyer Credit Limits are entered
into the system at the outset when first taking out your trade
credit insurance policy. Correspondence, buyer credit files
and key dates for renewals and reporting are stored in Trade Credit Policy Managersm, and status of these insurance
policy activities are located on your desk top at your fingertips.
As requests for amendments to your policy, new buyer credit
limit approvals and new information and updates on the status
of your policy are received they are entered into Trade Credit Policy Managersm to keep you current on
all relevant policy matters.
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8. What kinds of reports does
Trade Credit Policy Managersm
generate?
Trade Credit Policy Managersm does not issue
any reports per se. Because no invoice or payment information
from the policyholder's accounts receivable system is entered
into Trade Credit Policy Managersm, no premium,
past due or other similar policy reports can be generated. However,
Trade Credit Policy Managersm does
proactively remind policyholders and other users of key action
items, critical dates and policy deadlines. Where necessary,
preformatted correspondence and lists (letters, FAX's or e-mails)
are generated to send to third parties. Examples of these action
items include: failure to report by the deadline dates for premiums
or past due accounts receivable, buyer renewal dates, status
and dates of materials contained in buyer credit files, policy
renewal anniversary, etc.
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9. What does Trade Credit Policy Managersm
cost?
Fees payable for Trade Credit Policy Managersm
are flexible and can be tailored to the users' specific needs
to meet their cash flows. Perpetual and Monthly Licenses are
available. Perpetual Licenses can be paid for in a discounted
lump sum, or paid over convenient installments. Monthly Licenses
can be based on: (i) number of buyers or customers, (ii) by
dollar amounts outstanding, or policy limits, or (iii) graduated
by volume on any of the foregoing measures.
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10. Is there a contract or
can I cancel at any time?
A Perpetual License Agreement is valid in perpetuity. A nominal
Annual Maintenance Fee keeps your software upgraded to current
changes and features. Perpetual Licenses may be cancelled at
any time so long as the fee is fully paid. Monthly License Agreements
are normally written for multiples of one year. Typically, the
longer the term of the license agreement, the lower the unit
costs of the license. For monthly licensees the Maintenance
Fee is included in the monthly fees paid. Monthly Licenses are
cancelable at the end of their respective contract periods after
payment of the license fees for those periods.
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11. What if I have problems
with Trade Credit Policy Managersm,
who do I contact?
Problems generally fall into three categories: 1) operator error,
2) breakdown or delays resulting from the Intranet access, or
3) Trade Credit Policy Managersm operations.
As users become familiar with the system, they will have built-in
internal checks for the two former causes. If these do not seem
to be the root cause of the problem, Trade Credit Policy Managersm
has customer support available during normal business hours
(Eastern U.S. time zone) via voice, FAX or e-mail. Lex-Tek personnel
can promptly respond to, diagnose and fix your problem. If modifications
to Trade Credit Policy Managersm are required
to solve the problem and restore normal functionality, those
costs are borne by Lex-Tek and you will be provided with a new
Installation CD containing the modifications. If the problem
is caused by operator or system errors where Lex-Tek is asked
to work with your IT people, the license agreement provides
for normal fees to be paid for time expended to correct the
problem.
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12. What if my screen locks
up and I have to reboot, do I lose all of my data?
Because of frequent entry of data into Trade Credit Policy Managersm
Lex-Tek recommends that you regularly save your work as a part
of your normal operation and procedures. In the course of using
Trade Credit Policy Managersm, if you need
to reboot (usually the result of desktop or computer error,
not Trade Credit Policy Managersm functionality)
at most you might lose only that information entered since the
last time you saved your data. For infrequent instances when
you might lose some data, you always have your back-up paper
files to refer to in order to double-check the accuracy of your
Trade Credit Policy Managersm files.
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13. What if I enter the wrong
customer or policy parameters into the system?
Trade Credit Policy Managersm creates status
reports and lists based on the policy parameters and customer
information that is entered and contained in the system. If
erroneous parameters are entered by mistake, Trade Credit Policy Managersm
will create reminders and output based on those parameters.
Typically, such errors will be quickly identified because cross
checking against Trade Credit Policy Managersm
alerts the user to potential inaccuracies in the entered parameters
and customer information. If the error is due to a faulty policy
parameter, it will be immediately recognized and the policy
parameter can be corrected. This is one feature of Trade Credit Policy Managersm that cannot be replicated
even by a manual system. In absence of Trade Credit Policy Managersm,
human errors can often go undetected.
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14. What if my hard drive crashes,
do I lose all of my data?
If Trade Credit Policy Managersm data is stored
on your LAN server, assuming it is not your desktop, your data
should be unaffected by a hard drive crash occurring on your
desk top. If the LAN server crashes, whatever back-up procedure
is in place would determine the amount and extent to which any
data is lost. This is just like any other application that is
being run on the LAN server. Lex-Tek recommends that regular
and frequent back-up of your desktop computer and LAN server
be performed to minimize the negative impact of hard drive crashes.
It is useful here also to note that your paper policy records
should allow you to promptly reconstruct and recover any data
that may have been lost due to hardware failure.
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15. What if my bankers or other
authorized third parties want to access my information?
For all authorized third parties, you can either print or send
the information to them at your discretion.
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