S-211 Insurance Audit 4-panel

etc.) to be incurred during the policy period. An audit • Executive officers’ wages (minimum/maximum 1. What is an audit?is conducted at the conclusion of the policy period rules apply);An audit is an examination of your operation, records to determine the actual payroll and receipts incurred • Commissions and bonuses;and books of account to discover your actual insurance during the policy term. Adjustments will be made to exposure for a specific period of time coverage was • Expenses (considered as additional wages may be the premium based on the actual information.provided. “Exposure” means your payroll, receipts or excluded if adequate records are kept);sales, units, number of employees, or contract cost. The 7. What if my “estimates” are not accurate? • Extra pay for overtime (some states have additional audit is done to obtain insurance rating information rules which may include or exclude pay for overtime);Estimates should be as close as possible to the actual only. This information is not used by federal, state or amount of payroll and receipts incurred during the • Wages paid for time not worked, idle time, and local government to calculate taxes. We intend audit policy period. If the estimate is too low, you will receive strike periods;information to be kept confidential.a bill for the additional premium for the audit period • Contributions or payments to IRS-qualified salary and the current year. If the estimate is too high, you will 2. Who will do ...