If an insured dies and the cancellation of the policy results in a return premium, the return premium may need to be issued to a contact not listed on the policy.
There are two methods you can use to issue the return premium to a contact not listed on the policy.
- Issue the return premium to the insured.
- In your general ledger, modify the recipient’s name to the appropriate contact.
- In BriteCore, access the Notes screen of the policy and add a note to document this transaction.
- Prior to cancelling the policy, create a revision or endorsement and add the appropriate contact as an Additional Interest.
- Process the cancellation.
- Navigate to Policies > Payments > Return Premium > Return Premium Queue.
- Locate the return premium and update the recipient’s name to the Additional Interest.
- Export the record to your general ledger.