Note: Users must have the authority,"Issue Cancellation," (Policy Processing group) to enter a Manual Cancellation on a policy.
To process a Manual Policy Cancellation:
Access the client's policy against which the cancellation is being done.
Once the Policy Transaction Request screen displays, enter / select the following:
Transaction Effective Date: Defaults from the date entered on the Policy Transaction screen.
Transaction Type: Select Manual Cancellation.
Transaction Source: Indicate the individual initiating the transaction from the combo box.
Transaction Reason: Choose Non-Payment Cancellation (or any other 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 Manual 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 user queue to which the transaction task is assigned.
Automatically Issue Transaction: Place a check mark in the field to issue the Cancellation automatically..
Submit the cancellation transaction.
A validation is returned: "FTP <$$$> not equal to Target Premium. Rating Cancelled successfully." Select OK.
On the Transaction Information screen, click Submit to return the Message screen.
To exit the policy, select the "X" next to the policy number at the top of the screen.
Note: If a check is not placed in the Automatically Issue Transaction field, the Policy Information screen displays. Click the Cancel button at the top of the screen to cancel the policy.