Note: Users must have the authority, "Issue Cancellation," (Policy Processing group) to enter an Automatic Manual Cancellation on a policy.
When an Automatic Manual Policy Cancellation transaction is submitted, Diamond sets a "Future" event that does not affect billing or policy processing until the effective date of the cancellation. This differs from the transaction type "Cancellation," because this image is not immediately applied to the policy. Users can endorse the existing policy having the automatic cancellation until the transaction's cancel date if it is in the future.
To process an Automatic Manual Policy Cancellation transaction:
Access the client's policy against which the Automatic Manual Cancellation is being done.
From the Navigation Pane on the left, click Cancellation.
Once the Transaction Information screen displays, enter or select the following:
Transaction Effective Date: Defaults from the system date; enter the date of cancellation.
Transaction Type: Select Automatic Manual Cancellation.
Transaction Source: Indicate the individual or entity initiating the transaction from the combo box.
Transaction Reason: Choose a reason from the combo box.
Note: If the transaction reason, "Insured Request Short Rate Cancel," is selected, your company may want to retain an amount of the cancellation credit. This is a company specific amount or percent. Please ask your Insuresoft business analyst what options are available.
Remarks: Enter any comments that apply to the policy cancellation.
Reference: Transaction related reference code; entry is company specific.
Transfer To: Select either the User or Queue option button and choose the appropriate User name or Queue to which the transaction task is assigned.
Select the Submit button.
When the Policy Information screen displays, a message is displayed in red that reads: "Future Cancellation Effective MM/DD/YYYY."
Select Close.
The status of the policy remains "Active."
Two (2) print events are generated: Legal Notice and Cancellation Notice. Here's an example of when the Legal Notice is generated. Let's say you issue an Automatic Manual Cancellation 100 days prior to the cancellation effective date, and the Automatic Cancellation Notice Days is set to "93." The Legal Notice will generate on the 93rd day prior to the effective date of the cancellation. If the Automatic Manual Cancellation is issued 50 days prior to the effective date of the cancellation, the Legal Notice prints the same day the transaction is issued.
On the day the Automatic Manual Cancellation transaction is entered, when End of Day Processing runs, a Legal Notice is generated and displayed on the Billing tab: Billing Activity Display screen.
The Future tab displays the transaction to be processed during EOP on the effective date.
Users can still process other policy transactions.
Finally, when End of Day Processing runs on the date the Automatic Manual Cancellation rolls, a Final Cancellation Notice is generated.
The Final Cancellation Notice displays on the Billing tab: Billing Statement Display screen.
Note: You must have authority to delete an automatic cancellation transaction.
If you have submitted an Automatic Manual Cancellation and, for example, the insured calls you and says to cancel it, the transaction can be deleted.
Access the insured's policy.
From the Policy Control screen, click the Future tab.
Highlight the Automatic Manual Cancellation in the Grid View.
Click the Delete button.
Answer Yes to the question: "Are you sure you want to delete the future event Automatic Manual Cancellation Transaction?" The transaction is removed from the screen.
If a Legal Notice has already been generated, and deletion of the Automatic Manual Cancellation transaction occurs, a Rescission Notice is sent.
The Final Cancellation Notice is removed from the Future tab.