Editing the effective date of a policy change

You can edit the effective date of an unbound policy change by selecting Actions > Edit > Effective Date. However, after the policy is bound and issued, you can no longer edit the effective date.

Editing the effective date of a policy change is often useful in personal lines of business. A policyholder calls to make a policy change. The agent starts a policy change, enters new policy information and generates a quote. Later, the customer calls requesting a change to the effective date of the policy change.

For example, in a personal auto policy, the policyholder may not know exactly the effective date of a policy change for the purchase of a new vehicle. The policyholder calls the insurance company to determine the cost of coverage for the new vehicle. The agent starts a policy change but does not complete it. The policyholder initially expects to receive the vehicle on a certain date (February 1), so the agent enter February 1 as the effective date of policy change. However, the vehicle actually arrives two weeks late (February 15).

The agent accesses the policy change and changes the effective date. The agent can also make other changes to the policy such as adding additional coverages. The agent quotes the policy. If the policyholder is satisfied, the agent binds and issues the policy.