A "Cancellation" is defined as the termination of a policy initiated either by the insured, insurance company or agent before the policy's expiration date. A policy can be canceled manually, or it can be canceled automatically when the End-of-Day Program is run. The program can be set up to automatically flag a policy "Send Cancel Notice" if, for example, the terms of the policy are not met by the policyholder. Depending on your company-specific criteria, the policy is then automatically canceled by the End-of-Day Program at a later date.
There are three (3) different transaction reasons for a cancellation in Diamond:
Prior to a policy’s expiration (Final Cancellation), the system generates / prints an invoice, Reminder Notice, Legal Notice and Final Cancellation Notice and cancels flat any renewal.