As you begin a career in insurance, it will be critical that you develop a familiarity with applications used in the Agency Management System (AMS). Continue reading for more details on the applications you will be using every day to manage client information.
What Are Acord Forms?
ACORD forms are universally recognized documents that contain information which most, if not all, insurance carriers require be completed in order to provide a quote back to the agency. There are several Acord forms and each serves a purpose specific to the type of coverage that it represents. Of all of the forms, however, one you may see is the Acord 163.
What is an Acord 163 form?
The Acord 163 form is more commonly known as the Commercial Auto Driver Information Schedule. This application is a one page form used to collect pertinent details on additional drivers that do not fit on the Acord 127.
You may be reviewing this information and wondering if you need to know how to complete the Acord 163? The answer is, yes, you certainly should! it is important that you understand how to complete an Acord 163 in instances where you have a client with an extensive drivers list. If you’ve figured out how to complete the driver schedule on the Acord 127, the Acord 163 will be easy!
Just to be sure, let’s take a look at a few key parts of the form that you will want to make sure you pay attention to when completing the Acord 163:
At the very top of the form, you will find a section for the Agency and Insured Information. In this section, you will want to enter the Agency Name, Named Insured and Effective Date. If you know the Carrier and policy information, you can enter those details as well.
The following section of the form will be for the purpose of collecting Driver Information. It is important to provide as complete of information regarding Name, Date of Birth, the year the driver was licensed, their Driver’s License # and State in which their licensed is issued. Each driver will need to be numbered sequentially in the left-hand column of the form
Other Important Notes:
An Acord 163 fillable form (as well as other Acord forms like the Acord 125) should be available in your Agency Management System. You can complete the form and then send an Acord 163 PDF to the client to review.
The Acord 163 is never used alone and will always be submitted in conjunction with the Acord 127.
Some of the details reviewed will pre-fill in your AMS. This will save you time when completing the Acord 163 form.