When a policy is rewritten, billing activity isn't automatically moved from the old policy to the rewritten policy. Settings exist to automate billing on rewrites.
Transfer Return Premium
A policy is canceled when it is rewritten. If a return premium generates from the policy cancellation, a setting can automatically transfer the return premium to the new policy.
To enable:
- Navigate to Settings > Modules > Policies.
- Select Edit under Policy Lifecycle. A Confirm dialog box will open with the following message:
You are about to leave the page. Would you liek to save your data before proceeding?
- Select Yes to save the information you added and proceed to the Policy Lifecycle screen or select No to proceed to the Policy Lifecycle screen without saving the information.
- From the Choose a State dropdown list, select the state you're enabling this setting for.
- Select one of the following radio buttons: Lifecycle Parameters Are the Same for All Business or Lifecycle Parameters Are Defined Per Policy Type.
Note: If you select Lifecycle Parameters Are Defined Per Policy Type, you will be prompted to select the policy type you're enabling the setting for.
- Navigate to Cancellation > Options.
- Select the On Rewrite, Automatically Transfer Return Premium to the Newly Rewritten Policy setting.
- Select Save or Save and Exit.
Sync Installments
When a policy is rewritten to a new policy, a setting will attempt to sync bill dates from the old policy to the new policy.
To enable:
- Navigate to Settings > Modules > Policies.
- Select Edit under Policy Lifecycle. A Confirm dialog box will open with the following message:
You are about to leave the page. Would you liek to save your data before proceeding?
- Select Yes to save the information you added and proceed to the Policy Lifecycle screen or select No to proceed to the Policy Lifecycle screen without saving the information.
- From the Choose a State dropdown list, select the state you're enabling this setting for.
- Select one of the following radio buttons: Lifecycle Parameters Are the Same for All Business or Lifecycle Parameters Are Defined Per Policy Type.
Note: If you select Lifecycle Parameters Are Defined Per Policy Type, you will be prompted to select the policy type you're enabling the setting for.
- Navigate to Cancellation > Options.
- Select the On a Rewritten Policy, Keep Installment Dates in Sync with Old Policy Upon Commit setting.
- Select Save or Save and Exit.