PaymentMethod

Description
Payment Method

Type : OLI_LU_PAYMETHOD
DescriptionNameValue
Automatic Premium LoanOLI_PAYMETH_APL15
Collection InstitutionOLI_PAYMETH_COLLECTION10
Combined BillingOLI_PAYMETH_COMBBILL14
Credit Card BillingOLI_PAYMETH_CREDCARD9
Deferred Premium FacilityOLI_PAYMETH_DPF31
Digital PaymentOLI_PAYMETH_DIGITALPAY32
Discounted PremiumOLI_PAYMETH_DISCPREM16
Distributor Has Requested Release of FundsOLI_PAYMETH_DISTRIREQ28
Dividends on DepositOLI_PAYMETH_DIVDEP17
Electronic Funds TransferOLI_PAYMETH_ETRANS7
Government AllotmentOLI_PAYMENT_GOVALLOT8
Irregular BillingOLI_PAYMETH_IRREGBILL3
List BillOLI_PAYMENT_LISTBILL5
No BillingOLI_PAYMETH_NOBILL1
OtherOLI_OTHER2147483647
Paid based on premium offsetOLI_PAYMETH_PREMOFF25
Paid in AdvanceOLI_PAYMETH_PAID4
Pay from a Premium Deposit FundOLI_PAYMETH_PREMDEPFUND12
Pay From Special AccountsOLI_PAYMETH_SPECACCT13
Payroll DeductionOLI_PAYMENT_PAYROLL6
Pre-Authorized CheckOLI_PAYMETH_PAC26
Premium WaiverOLI_PAYMETH_WAIVER30
Pre-signed, post dated chequesOLI_PAYMETH_POSTDATECHK29
Receiving Carrier to Request Release of FundsOLI_PAYMETH_CARRIERREQ27
Regular BillingOLI_PAYMETH_REGBILL2
Suspended BillingOLI_PAYMETH_SUSPNDBILL11
UnknownOLI_UNKNOWN0

Definition
The business process by which payment is made which influences how the payment is billed. To express it in the reverse, there are internal business rules around each allowable Payment Method that usually define the acceptable or expected Payment Forms. For example, a Payment Method of "Credit Card Billing" indicates that a credit card is billed for the payment. In this example, one would expect PaymentForm and PaymentMethod to both indicate "Credit Card" and seem redundant. However, if PaymentMethod were "List Bill" the PaymentForm could be any number of suitable forms of payment as defined by internal business logic.

Parents
AltPremMode Arrangement BillingDetail BillingStatement CommRemittance Payment PaymentModeMethProduct Policy SubAccount