Note: Users must have the authority, "Issue Cancel Rewrite," (Policy Processing group) to enter a Cancel Rewrite on a policy.
This transaction copies the current image of a selected policy to a new "Pending" image, eliminating duplicate entry of the insured's information and related policy data. Changes may be made to the "Pending" policy image prior to issuance.
A Cancel-Rewrite transaction would be utilized if, for example, an insured purchases a new home. The old personal homeowner's policy may be canceled-rewritten to apply the same coverage options and insured information on the new policy.
Once the policy is rewritten, it is rated and issued with a new policy number. The prior policy's cancellation is effective on the new policy's effective date.
Note: This transaction type should only be used when the effective date of the new policy is equal to the cancellation date of the prior policy.
Access the client's policy to be canceled and rewritten.
From the Navigation / Transaction Links Pane on the left, click Cancel-Rewrite.
Once the Transaction Information screen displays, enter or select the following:
Trans Eff Date: Defaults from the system date; change if necessary.
Transaction Type: Cancel-Rewrite defaults in the combo box.
Transaction Source: Select a Transaction Source from the combo box.
Transaction Reason: Cancel-Rewrite or Automatic Tiering. If the Automatic Tiering transaction reason is chosen for a Cancel - Rewrite transaction, the original policy is canceled and then a rewritten "New" business is done in the original version. Next, the configurable underwriting engine is retrieved to return the Company / State / Line of Business it should be moved to. If a new version_id results from the new Company / State / Line of Business, the new policy is created from the rewritten policy. Its version is changed to the calculated version for the Company / State / Line of Business chosen.
Remarks: Enter any comments that apply to the cancel-rewrite.
Transfer To: Select either the User or Queue option button and indicate the appropriate user name or user queue to which the transaction task is assigned.
Select the Submit button. Make any changes. The policy will display in red on the header: Cancel Effective Date, Reason: Cancel Rewrite, Rewritten to Policy # (Pending).
Rate / Issue the policy. The policy will display in red on the header: Cancel Effective Date, Reason: Cancel Rewrite, Rewritten to Policy # (In Force).
Use the Policy History screen
to see your policy. To see detail, use the View
Changes button.
Note: Depending on the effective date entered at the time the Cancel-Rewrite transaction was entered, the policy's status is either "Active" or "Future."