You can set a policy to cancel at any time from within the policy. You can configure reasons for cancellation on the Cancellation tab of the Policy Lifecycle settings dialog box.
You can also select when BriteCore should process the cancellation. Table 1 summarizes the four options for when to cancel a policy.
Table 1: Cancel When dropdown list values.
|Effective Date (Cancel Flat)||BriteCore cancels the policy on the policy’s inception date.|
|Put into Cancellation Pending Now||BriteCore cancels the policy after a configured number of days. The length of Cancellation Pending can be configured on the Cancellation tab of the Policy Lifecycle settings dialog box.|
Note: Some states require insurance providers to give insureds advance notice if a policy is canceled for certain reasons. For example, a state may require an insurance provider to give insureds 30 days notice if a policy is canceled for non-payment of premium.
|Cancel Immediately||BriteCore cancels the policy on the current date.|
|Cancel on Specific Date||BriteCore cancels the policy on the custom date specified in the Cancellation Date boxes in the Cancel Policy dialog box.|
To cancel the policy:
- Select Policies.
- On the Policies List screen, select a policy number to open a policy.
- Select Cancel Policy to open the Cancel Policy dialog box.
- From the Cancel When dropdown list, select when you want to cancel the policy. See Table 1 (above) for more information.
- If you select Cancel on Specific Date, type the date you want the policy to cancel in the Cancellation Date boxes.
- From the Cancellation Reason dropdown list, select the reason you want to cancel the policy.
- In the Print Description box, you can type a print description.
- In the Additional Description box, you can type an additional description.
- Select OK.