Note: You must have the authority, "Transfer Payment," (Billing group) to process this cash adjustment.
Transferring a payment is different than transferring a credit, because a payment is actually being transferred itself, not just the balance.
To transfer a payment:
Access the insured's account from which the payment is being transferred from.
Choose Transfer Payment from the Adjustments combo box.
Amount to Transfer: Enter the dollar amount of the payment being transferred.
Transfer to Policy: Enter the policy number the payment is being transferred to.
Accept: Select the Accept button.
The Total Outstanding and Current Premium Outstanding fields are both increased by the amount of the transferred payment.
If you accidentally transferred a payment to the wrong policy, you may reverse the transfer of the payment back to the original policy.
To reverse a transfer of payment back to the original policy:
Access the insured's policy where the payment is being transferred back from.
Choose Reversal from the Adjustments combo box.
Select the Accept button.
The system automatically reverses the transfer back to the original policy.
You may also reverse a transfer of payment from the policy that originated the transfer.
To reverse a transfer payment made from the original policy:
Access the insured's policy where the payment was originally transferred from.
Choose Reversal when the Adjustments combo box.
Select the Accept button.
The system automatically returns the transfer back to the policy.