Product

Identifies the product associated with the master cover.

Status

Identifies the current status of the master cover.

Enable Automatic Renewals

This checkbox enables the feature and displays the settings below.  If unchecked, no automated renewals are performed for policies under this master cover.

Number of Days Before Expiry

Enter the number of days before the end of the term that the renewal should be initiated.  When the system scans for renewable terms, it checks that the current date is within the chosen number of days before the term ends.  If 0 is entered, the renewal occurs on the last day of the term.

Trigger

A trigger can be selected to control if a term should be renewed.  Enter at least three characters to search for triggers.

If the trigger evaluates as false, the term is not renewed automatically.  The term can still be renewed manually.

Calculate Quote for Automatic Renewals

If checked, the system initiates the Get Quote process for the renewal.  If the renewal meets the terms of the master cover, it enters Quoted status.  If any referrals or compliance issues occur, the renewal goes to Underwriting Required status.  If unchecked, the renewal stops at Incomplete status to be completed manually.

Enable Automatic Cancellations

This checkbox enables the feature and displays the settings below.  If unchecked, no automated cancellations are performed for policies under this master cover.

Trigger

Select a trigger to control if and when a policy will be cancelled.  The trigger is evaluated on a regular basis, set in the system configuration.  Enter at least three characters to search for triggers.

Since the trigger is evaluated outside of the context of the policy, all fields referenced in the trigger must be indexed in a Cross-Policy Data Configuration.

Cancellation Reason

Select a default cancellation reason that will be applied for all automatic cancellations.  This reason can be modified in the Policy Information window within the policy.

Enable Automatic Cancellation Finalization

This checkbox enables the feature and displays the settings below.  If unchecked, cancellations under this master cover will need to be handled manually.

Trigger

Select a trigger to control whether the cancellation will be confirmed or rescinded.  Enter at least three characters to search for triggers.

If the trigger evaluates as true, the cancellation is confirmed and the policy is officially cancelled.

If the trigger evaluates as false, the cancellation is rescinded and the policy remains in effect.

Since the trigger is evaluated outside of the context of the policy, all fields referenced in the trigger must be indexed in a Cross-Policy Data Configuration.

Expiry Basis

Select how the quote expiry will be set.

•    Transaction Type

Allows a specific number of days to be defined for specific transaction types.  Selecting this option reveals individual fields for New Business, Endorsement, Adjustment, and Renewal transaction types.

Entering 1 or more days causes the quote to expire that number of days after the quote is issued, at the Policy Start Time configured in the master cover.  Entering 0 days causes the quote to expire at the Policy Start Time configured in the master cover.  If any field is left blank, quotes for that transaction type do not expire.

•    Field

Sets the expiry date according to a field in the workflow.  Selecting this option reveals the Expiry Field option.

New Business Quote Validity Period

Available when Transaction Type is selected as the Expiry Basis.  Enter the number of days a quote for New Business remains valid.

Endorsement Quote Validity Period

Available when Transaction Type is selected as the Expiry Basis.  Enter the number of days a quote for an Endorsement remains valid.

Adjustment Quote Validity Period

Available when Transaction Type is selected as the Expiry Basis.  Enter the number of days a quote for an Adjustment remains valid.

Renewal Quote Validity Period

Available when Transaction Type is selected as the Expiry Basis.  Enter the number of days a quote for a Renewal remains valid.

Expiry Field

Available when Field is selected as the Expiry Basis.  Select a Date Picker field from the workflow to be used as the expiry date.  This can be a user-entered field, or a calculated field that determines the date according to conditions or values within the transaction.

If the expiry date is in the past, the quote will expire the next time the system scans for expired quotes.  If the expiry date is empty or invalid, the quote will not expire.

Lost Quote Reason for Automatic Quote Expiry

Select a reason to be applied to each lost quote.  The options are defined by the Lost Quotes list selected in the Policy Settings page.

Trigger

A trigger can be selected to control if a quote should expire.  Enter at least three characters to search for triggers.

If the trigger evaluates as false, the quote does not expire.  The quote can still be set as Lost manually.

Field Evaluation Rule

Select a rule associated to the current master cover.

Trigger

A trigger can be selected.  Enter at least three characters to search for triggers.

At each interval, the trigger will be evaluated to determine if the rule should be applied.  If no trigger is selected, the rule will be applied at each interval.

Notes:  The Triggering Conditions defined in the rule configuration are independent from these automatic settings.  Either option or both options can be used.

As this feature scans all transactions under the current master cover, all fields referenced in the selected trigger, including nested triggers, must be indexed in a Cross-Policy Data Configuration.  For more information, see the Cross-Policy Data Configurations section.