Note: Users must have the authority,"Issue Cancellation," (Policy Processing group) to issue a Non-Payment Cancellation on a policy.
To process a policy cancellation due to non-payment of premium:
Access the client's policy against which the 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 to the system date; change if necessary.
Transaction Type: Select Cancellation.
Transaction Source: Indicate the individual initiating the transaction from the combo box.
Transaction Reason: Choose Non-Payment Cancellation from the combo box.
Remarks: Enter any comments that apply to the Non-Payment 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.
Select the Submit button. Select OK to the confirmation question: "Rating successful Policy cancelled successfully?"
A policy canceled on the current system date: A new canceled policy image is created. Previously "Active" policy image is now "History."
A policy canceled effective on a future date: A new Future canceled policy image is created. The "Active" policy image is in-effect until the Future Cancel date.