What does pay by draft mean?
Payable-through-draft (PTD) is a form of bank-mediated payment utilized by business entities. A bank will guarantee a draft on behalf of a business for immediate payment to the recipient. A PTD can allow a company to pay workers in remote locations.
What is the current Agents draft authority?
draft authority. The authority that an insurer gives to an agent which allows the agent to settle and pay certain types of claims up to a specified limit.
What is the current agents draft authority limit in most cases for agents?
Draft authority is usually limited to small amounts ($2,500 or less).
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