Once a policy is Bound, the coverage is booked.

Additional Information

Additional panels and fields may have been added to the form relating specifically to this Transaction Type and Status.  Please review the form to determine if any new options are available or if any additional information must be provided.

If there are any difficulties completing the additional information, check to the right of the panel headers or field names for help icons .  Clicking the help icon provides additional information on the panel or field.

If further assistance is required, please contact your Insurance Representative.

Actions

While navigating through the workflow, the system performs a series of validations in the background.  The validations may display errors, warnings, or messages with additional information.

•    If any required information for the current screen is incorrect or incomplete, an error message is shown at the top of the form, detailing what must be changed before proceeding.  Make any necessary corrections and click Next or Save & Refresh to validate the information again.

While in Bound status, the following actions are available:

•    A Bound policy without a renewal automatically expires at the end of its term.  To end the coverage early, the policy can be Cancelled.  A policy cannot be cancelled if a renewal exists for a later term.  All following terms must be cancelled or declined before proceeding with cancelling this term.

1.   Click Cancel to begin the process of cancelling the policy.  The Cancel window opens.

2.   Fill in the Cancellation details.

3.   Click Calculate Refund to proceed, or click Cancel to back out of the Cancel window and return to the Bound transaction.

4.   If confirmed, the transaction status changes to Cancellation - Quoted.  The Cancellation details are available in the Policy Information detail window.  Proceed to the section on Cancellation Quoted Policies.

•    Once a transaction is bound, there are often restrictions to what details can be changed.  To create a new version of the policy that will apply changes for a defined period, the policy can be Endorsed.

1.   Click Endorse to begin the process of endorsing the policy.

2.   Depending on the settings in the product, the Endorse window may open for additional information.  Otherwise, proceed to step 4.

3.   Click Confirm to proceed with the endorsement, or click Close to back out of the Endorse window and return to the Bound transaction.

4.   Depending on settings in the product, the new endorsement will be populated with data copied from a source transaction.

−    The source transaction may be the transaction used to initiate the endorsement, or may be another suitable transaction within the term.

−    Individual fields may copy the value from the source transaction, reset to their default values, or be left blank.

−    The insurer, distributor, and client details are updated to the most recent details stored in the system.

5.   The status changes to Endorsement - Incomplete.  The endorsement can be edited and bound, thus changing the terms of the policy.   Proceed to the section on Endorsement - Incomplete Submissions.

•    Click Adjustment to create an adjustment transaction to change the insured value of the current policy.  Depending on settings in the product, individual fields may copy the value from the source transaction, reset to their default values, or be left blank.  The insurer, distributor, and client details are updated to the most recent details stored in the system.  The adjustment can be edited and bound, thus changing the details of the policy.  The status changes to Adjustment - Incomplete.  Proceed to the section on Adjustment - Incomplete submissions.

•    Click Renew to initiate a renewal for a new term.  The Effective Date of the renewal begins one day after the Valid Until date of the current term.  Depending on settings in the product, individual fields may copy the value from the source transaction, reset to their default values, or be left blank.  The insurer, distributor, and client details are updated to the most recent details stored in the system.  Proceed to the section on Renewal – Incomplete Submissions.

•    Click Copy to create a new submission with similar information to the current submission.  Depending on settings in the product, individual fields may copy the value from the source transaction, reset to their default values, or be left blank.  The insurer, distributor, and client details are updated to the most recent details stored in the system.  The new submission has the Incomplete status as a New Business transaction.  Proceed to the section on Incomplete Submissions.

•    The Print Document and Send E-mail options become available if any document templates or e-mail templates, respectively, are currently available.  See the sections on Printing Documents and Sending and Managing E-mails.