Note: To issue a Rewrite Full transaction, users must have the authority, "Issue New Business" (Policy Processing group), because this transaction creates a new business policy when it is re-written.
A Rewrite Full transaction may be done on an historical policy image to reinstate policy coverage after a lapse. This transaction may also be performed on an "Active" policy image if, for example, an insured purchased a new home but has not yet sold the original dwelling. The user would want to rewrite the original policy to cover the new dwelling, while keeping coverage active on the original policy.
Processing this transaction incorporates existing policy and coverage data from the historical or original image into a new "Pending" policy image. The user has the ability to make any changes to the pending policy prior to issuance, which eliminates the entry of information previously captured on the original policy image.
To process a Rewrite Full transaction on a Historical, Non-Renewed or a policy whose coverage is no longer in effect:
Access the client's policy.
From the Navigation / Transaction Links Pane on the left, click Rewrite Full.
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 Rewrite Full.
Transaction Source: Indicate the Transaction Source from the options available in the combo box: Additional Interest, Agent, Company, Insured or Policyholder.
Transaction Reason: Options available are "Rewrite Policy" or "Automatic Tiering." If the "Automatic Tiering" transaction reason is chosen, first there will be a rewritten "New" business policy in the original version. Then the configurable underwriting engine is retrieved, which returns the Company, State and Line of Business it should be moved to. If a new version_id results from the new Company / State / Line of Business combination, then a quote 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 Remarks that apply to the Rewrite Full transaction.
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.
Choose Submit.
Make any changes necessary on the "Pending" image and click Rate to rate the policy.
Click Issue.
Access the Client Files screen to view the client's folder. Once issued, a new policy number is assigned, and a new policy record is created in the client folder.