You can set a policy to cancel at any time, choose the cancellation reason, and select when BriteCore should process the cancellation. Table 1 summarizes the Cancel When options.
Table 1: Cancel When dropdown list options.
|Cancel When options||Description|
|Effective Date (Cancel Flat)||BriteCore cancels the policy on the policy’s inception date.|
|Put into Cancellation Pending Now||
BriteCore caancels the policy after a configured number of days. In the Policy Lifecycle - Cancellation settings, you can configure the length of Cancellation Pending.
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.|
In the Cancellation Reason dropdown list, you can choose from the following options:
- Changing Policy Type
- Fraudulent Statement
- Increase in Hazard
- Loss History
- Material Misrepresentation
- Omission or Concealment of Fact Material to the Acceptance of Risk
- Property Sold
- Substantial Increase in Hazards Insured Against by Reason of Willful or Negligent Acts or Omissions by the Insured
To cancel a policy:
- In the BriteCore menu, select Policies.
- On the Policy Search screen, navigate to and select the applicable policy.
- Under the Additional Description box, select the Cancel Policy icon .
- In the Cancel Policy dialog box, complete the following steps:
- In the Cancel When dropdown list, select when you want to cancel the policy. See Table 1 for more information.
- If you selected Cancel on Specific Date, in the Cancellation Date boxes, type the date you want the policy to cancel.
- In 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.