Policy Cancellation and Voids

• Cancel a Policy – Prorate, short-rate and flat-rate cancellation endorsements are calculated, posted to the policy and G/L accounts.  An endorsement worksheet and cancellation notices may also be printed as the policy is updated.
  
  
• Cancellations Query – Preview list of policies meeting the pending cancellation criteria for non-payment.  Filter criteria include carrier selection and number of day past due.
  
  
• Print cancellation notices – On-demand process to allow for printing of pending cancellation notices calculated automatically due to non-payment or selected manually with a given “cancellation reason” message content.  Select filters include carrier, state, LOB and as-of-date.
  
  
• Reinstate a Policy – Reverses the cancellation status and ALL posted activity for a previously cancelled policy.  A flat-cancelled policy may not be re-instated, it must be re-issued.
  
  
• Spoil a Policy – Policy numbers may be carrier-assigned and tracked.  If so, it may be necessary to spoil a policy number so that it may not be assigned during policy issuance.
  
  
• Void a Policy – If no cash has been received against a policy, it may be voided and the policy number re-used by the system as if it were a new policy number.  The audit trail of the previously issued and voided policy is completely intact; the data is not “erased” and all activity nets to zero.
  
  
• Void an Endorsement – Any endorsement except a cancellation endorsement may be voided.  A void creates another endorsement transaction with all amounts reversed as it is posted through the system.  Cancellation endorsements must be “reinstated” and not voided.