Note: A user must have the authority, "Issue Renewal," (Policy Processing group) to process this transaction.
A "Manual" Renewal may be processed in order to accommodate policy changes necessary for the renewed policy term. This process allows you to enter changes on the policy prior to policy renewal. Policies that do not require changes prior to renewal and do not contain any Renewal Flags are automatically processed via the Automatic Renewal Program after the End-of-Day program is executed. Usually, automatic renewals are processed 30 days prior to the policy expiration date. Any policy requiring changes before renewal must be processed manually.
On issued (Active) policies processed having a Renewal Underwriting transaction, these are processed with renewal underwriting changes applied; only one (1) image is created in the new policy record.
Note: A "Manual" Policy Renewal may be processed within 60 days of the policy expiration date.
Access the client's policy.
From the Navigation / Transaction Links Pane on the left, click Renewal.
On the Transaction Information screen, enter / select the following:
Effective Date: Defaults to the system date; cannot be changed.
Transaction Type: Select Renewal.
Transaction Source: Indicate the individual who initiated the transaction from the combo box.
Transaction Reason: Choose Renewal or Auto Renewal.
Remarks: Enter any comments that apply to the manual policy renewal.
Reference: Transaction related reference number; 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.
Select the Submit button.
Make any changes necessary on the "Pending" image and click Rate to rate the policy.
Click Issue.
On the Effective Date of the Renewal, the policy is renewed; it becomes the "Active" image of the policy.