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This dictates how installment periods are calculated for a given policy period. For example, if a policy period 15.01.2022 - 31.0112.2022,
If No then the installment periods will be from the start date + 30 days: 15.01-14.02, 15.02-14.03,…,15.12-31.12
If Yes then the installment periods will be from the start date to the end of the month, even if your start date is the middle of the month: 15.01-31.01, 01.02-28.02, 01.03-31.03,…,01.12-31.12
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For example, 15.01 - 14.02 will have 15th as the due date. However, if there is a preferred selection as 1, the due date will be the 1.02
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4. Collect on Preferred Day Before Instalment Period
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Ideally, it should be set to 0 days. When we add some new installments, or handling adjustments, based on this configuration, we will merge the amount with the next installment
10. Grace Period
Is Grace period is the minimum number of days you allow between the purchase of a policy and the first installment's due date?.
Ideally, all installments should be due on the first day or the preferred day, depending on your configuration, like the preferred collection date. However, in situations where you buy a policy that is either backdated or very soon, you want to provide a buffer time before expecting the customer to make their first payment. This buffer is important because certain payment methods, like sending an invoice, might take some time to reach the customer.
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