Modify Policy Installment Schedule

Note: Users must have the "Modify Policy Installment Schedule" authority (Billing group) to process this Billing transaction.

This Billing transaction allows users to update the amount associated with future installments to meet a specific installment schedule for a policy. Additionally, it gives users the ability to adjust transaction dates on the installments.

• Access the policy, and click Billing from the Quick Links Tree View.

• Click the Transaction tab at the bottom of the screen.

• From the Transaction Reason combo box, select Modify Policy Installment Schedule.

• Opposite the installment you wish to modify, click the pencil icon

• Enter the new transaction date and / or the amount of the installment.

• Click OK.

• Changes are displayed on the Modify Policy Installment Schedule screen.

• To finalize your change, select Accept.

A line is written to the Account History screen.

Additional Notes

When modifying a policy installment schedule, keep in mind the following:

Amounts

1. Total of All Future Premium Billed (In Future Installments): This must equal the future premium outstanding for all installments scheduled per policy Renewal Version.

2. Total of All Future Miscellaneous Charges Billed (In Future Installments): This must equal the future miscellaneous charges outstanding for all installments scheduled per policy Renewal Version.

3. Total of All Future Service Charges Billed (In Future Installments): This must equal the future service charge outstanding for all installments scheduled per policy Renewal Version.

4. Installment Amounts: Can be updated when they are within lead days of the system date on which the transaction is being performed.

Dates

1. Due Date: Users cannot update the Due Date associated with a future installment unless the cancel option is "5." Due Date will be based on the updated transaction date plus (+) due days set on the policy's Pay Plan for other cancel options.
2. Installment Transaction Dates: These can be updated to within lead days of the system date on which the transaction is being performed.
3. Installment Transaction Dates: These can be updated to dates that are greater than the dates of the policy term.

General

• Future installments cannot be deleted.
• New installments cannot be added.
• To modify the amount of future installments, a different Pay Plan must be selected.