Once an Initial Audit has been done, it may be necessary to submit / issue a Revised Audit. Usually, Revised Audits are done because additional information has been provided by the policyholder.
To process a Revised Audit transaction:
Access the client's policy for which the Initial Audit is being done.
Select Premium Audit.
Once the Transaction Information screen displays, enter / select the following:
Transaction Effective Date: Defaults from the system date. Enter the Transaction Effective Date of the new business policy
Date Received: Defaults to the system date; change if necessary.
Transaction Type: Select Premium Audit.
Transaction Source: Indicate the individual or entity initiating the transaction from the combo box.
Transaction Reason: Choose Revised Audit from the combo box.
Remarks: Enter any additional narrative, if necessary.
Click Submit. Diamond copies the last Premium Audit image (for the associated term) with a status of "Processed Audit."
When the policy displays, ONLY those fields that can be audited are displayed.
Make any necessary adjustments.
Rate / Issue the transaction.
The status of the previous Premium Audit is updated to "Revised Audit." This one is ignored if yet another revision is done. The status of the latest audit image is "Processed Audit."
Note: Revise audit images are viewed on the Policy History screen; however, the Audit Workflow Status for the policy's term will not show the audit was revised after it was completed.