Submission and Policy Statuses

The current Status of any submission or policy is made up of two elements, the Transaction Type and the Transaction Status.

The Transaction Type identifies the purpose of the transaction within the overall scope of the policy:

New Business	A New Business transaction is the beginning of a new policy, starting from scratch.
Cancellation	A Cancellation transaction is used to end the policy coverage.
Reinstatement	A Reinstatement transaction is used to reverse a Cancellation. The policy is restored to its previous active settings.
Endorsement	A Bound transaction generally cannot be altered. If changes are required, an Endorsement transaction is created to apply new terms and conditions, with any associated premium adjustments.
Adjustment	A Policy Adjustment, also called a Premium Adjustment, is generally used to make minor adjustments to the premium or values that affect the calculated premium. The transaction is not limited to small changes, however, and can be used to significantly change a policy. The adjustment functions the same as Endorsements for these purposes.
Declaration	While the purpose and usage of Declarations can vary, the more common purpose is to declare official values for a period when the base policy was bound with estimated values or no values at all. The values may be the total insured value or any individual values used to calculate premium. The official values in the declaration may result in a partial refund of pre-paid premiums, or additional charges if the official values exceed estimates.
Renewal	When a policy term expires, the coverage ends. A Renewal transaction creates a new term for the policy, starting exactly where the previous term left off. The Renewal may continue the coverage exactly as it was, or may be modified.

The Transaction Status identifies the current situation of any single transaction. This determines what options are available, and sometimes what type of user is required to proceed.

Incomplete	When a new transaction is created, it starts as Incomplete. It remains in Incomplete status until enough information has been entered to allow the automated generation of a preliminary quote, or the user is able to request a quote.
Underwriting Required	If any of the information entered in the submission form does not meet the rules and restrictions of the product, one or more quote options may need to be reviewed and approved by the Underwriter. If all quote options require review, the entire submission goes into Underwriting Required status. This is a warning status, allowing the user to make changes that may meet the requirements. If the cause cannot be corrected, then the submission must go into Referral (see below).
Quoted	A Quoted submission has at least one quote option that passed all validations. The quote details include values for premiums, limits, deductibles, and the terms of insurance. At this point, a quote option can be selected and the policy can be Bound (see below). Note that additional quote options may exist, but require review by the underwriter. These quote options become available once they have been approved.
Lost	In some cases, a Quoted submission may be marked as Lost if the client refuses the quote or fails to respond. Multiple options are available to reactivate a Lost submission.
Referred	If all quote options in a submission go into Underwriting Required status and the cause cannot be corrected for at least one, the submission must go into Referral. The submission is brought to the attention of the Underwriters for review. They may choose to issue one or more quotes for the submission, or they may reject the submission entirely.
Special Quote Requested	If an initial quote provided by the system or issued by the underwriter is not acceptable, a new quote can be requested, changing the status to Special Quote Requested.
Bind Requested	In some cases, the user is not permitted to bind the final transaction on their own. They must request that the Underwriter or other administrative user complete the process. The Bind Requested status indicates that the client has accepted the coverage and wishes to bind the transaction.
Declined	If a submission goes into Referral for review, the Underwriter may choose to reject the coverage for any number of reasons. The submission is Declined and no further action can be taken.
Bound	Once all necessary information has been provided and validated, and a quote has been selected and accepted by all parties, the submission is Bound and the coverage begins at the designated effective date.

Each combination of transaction type and status is provided below. Each section details what changes are made to the form, if any, what additional information may be required, and what options are available to proceed with the submission process.