Billing system and policy transactions that create midterm changes

The following series of actions and messaging occur for the applications when you quote a policy for job types issuance (not submission), policy change, cancellation, and reinstatement.

You make certain mid-term changes in the billing system. These include:

• Changes to the billing or payment method – You view the billing or payment method in PolicyCenter. You make midterm changes to these in the billing system.
• Changes to the producer of service or producer of record – You change the producer of service or producer of record in PolicyCenter. If you want to give commission credit to the new producer in midterm, you must make this change in the billing system.

You make other midterm policy period changes in PolicyCenter. These include:

• Changing policy period dates – The integration pushes changes to the billing system.
• Revised installments – When you make a midterm policy change or reinstate a canceled policy, you cannot preview the revised payment schedule based on the new policy transaction. You can view the revised payment schedule after you make the change.
• Moving a policy to a new account – In PolicyCenter, you can move a policy from one account to another. You can also merge an account into another account, moving all policies to the new account. PolicyCenter sends notice of the changes to the billing system.
• Holding return premiums when canceling with an audit pending – PolicyCenter tells the billing system to hold the return premiums. PolicyCenter tells the billing system to release the hold when:
  • After completing the audit.
  • After removing a cancellation then reinstating the policy.
  • After canceling (again) the policy as a flat cancellation. There is no final audit because a full refund is automatic. (A flat cancellation cancels as of the beginning of the period with a full refund.)
  • After waiving the final audit.

See also

• Billing implications of midterm changes