Rewrite new account policy transaction

In PolicyCenter, you can move a policy going forward to a new target account. The previous policy terms remain on the initial account. For example, a young adult has a policy in his parent’s personal auto account. He graduates from college, and wants to move his policy to his own account. The insurer cancels his policy, and rewrites it to his new account.

When you rewrite policies to a new account, PolicyCenter creates a rewrite new account policy transaction for each policy. This policy transaction takes data from an existing policy and creates a new policy with a new policy number in the new account. You can only rewrite canceled or expired policies to a new account.

Note: In PolicyCenter, the user interface uses the term policy transaction to refer to submissions, policy changes, and other policy transactions. Policy transactions are implemented as jobs in the data model, and referred to as jobs in PCF files, Gosu classes, and other configuration files. Therefore, the configuration documentation refers to policy transactions as jobs.

The rewrite new account policy transaction creates a completely new policy, but PolicyCenter treats the source policy and the new policy functionally as one policy. Therefore, this policy transaction enforces the business requirement that, even though the source and rewritten policy are on different accounts, the active policy periods may not overlap. This business requirement is enforced throughout the life of both policies. If necessary, the active policy periods can have a gap between them.

The rewrite new account policy transaction has similarities to both submission and a rewrite policy transactions.

Similarities to submission

Results in a new policy with a new policy number.
Provides a qualification step.
Provides billing similar to a submission.

Similarities to rewrite

Is based on an existing policy period.
Effective dates cannot overlap with the policy period it is based on.
May result in out-of-sequence conflicts. If the based-on policy has future slices, they are rewritten to the new policy. The start of the rewrite new account policy transaction may be out of sequence in relation to these future slices.