Note: Users must have the authority, "Bind / Deny," (Policy Processing group) to process this transaction.
When your company decides to bind a policy, coverage is only being granted for a set number of days which is usually far less than the normal term of a policy. The policyholder then makes a payment for that amount of time. After rating the policy, this is done by selecting the Bind button on the policy's toolbar.
The Bind Policy screen allows you to enter a date through which to bind the policy's coverage time, include a reason and enter any remarks. When Save is selected, the system prompts: "Are you sure you want to bind this policy?" Answering Yes then takes the date entered on the binder and creates a "Future Cancellation" for the policy (Policy History screen). When the "Through Date" of the binder is reached, the policy is cancelled.