Once an endorsement transaction is Bound, the new coverage terms apply for the Effective Coverage Period of the endorsement.

The current Quote Information, Limits, Deductibles, and Insuring Conditions are available through the Quote Summary detail window accessed through the Premium widget.

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 Endorsement - 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 Endorsement - 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 Endorsement - 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.

•    Click Delete to delete this transaction from the system.  In addition to the necessary user account permissions, the following conditions apply for this action to be available:

−    Bound transactions can only be deleted from the last term of the policy.

−    A bound transaction cannot be deleted if any newer transactions have been bound, or if there is a voided transaction in the term.  All transactions bound after the relevant transaction must be deleted first.

−    No Declaration transactions can be associated to the policy, under any term or transaction.

−    The system must not include either of the Billing or Claims modules.

•    If the transaction was bound in error or otherwise needs to be removed from the term, it can be voided.  This reverses the transaction's effects on the term, while keeping a locked version of the transaction for reference purposes.

This option is only available in the last term of the policy, and only for the most recently bound transaction in the term.  Existing Void and Offset transactions are not counted, so multiple transactions can be voided by working backward from the most recent.

1.   Click Void.  The Void window opens.

2.   Select a Void Reason, and enter any Additional Details if necessary.

3.   Click Confirm to proceed, or click Cancel to close the window without voiding the transaction.

4.   On completing the void process, a bound Offset transaction is created to reverse any premiums, taxes, and commissions from the original transaction.  The new transaction will be a duplicate of the voided transaction, other than the reversed values and no attached files, e-mails, documents, or notes will be duplicated.  The transactions are identified as Void or Offset in the Correction Type field in the Policy Information.  The voided transaction and new Offset transaction are both locked and cannot be edited.

As the removal of the current transaction may affect existing quotes, some transactions within the term may be reset to Incomplete status.  This will affect Endorsement, Adjustment, and Cancellation transactions in Quoted, Underwriting Required, Referred, Special Quote Requested, or Bind Requested status.  On opening one of these reset transactions, a message will inform the user that the transaction must be re-quoted.

•    If the current transaction has been voided, it can be replaced.  Click Replace to create a duplicate endorsement transaction with the same data as the voided transaction, not including attached files, generated documents, and e-mails.  The Endorsement No may change, depending on whether other endorsements have been bound since the original endorsement was voided.

•    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.