Changing location information

When location information changes, it impacts:

  • Pending policy transactions – The changes are immediately apparent when you view pending policy transactions because those policy transactions always display the up-to-date information. This information comes from the associated basic and account-level location information.
  • Quoted policy transactions – When you try to bind a quoted but not bound submission, PolicyCenter verifies that the revisioned policy location information matches the account location information. If, after the quote, there is a change to a revisioned field on the synchronized account location, the information in this field does not match. If the locations do not match, you see a validation error. This behavior is because the change can have an effect on the quote. When you quote the policy again, the application synchronizes the location.
  • Bound policies or completed policy transactions – Bound policies or completed policy transactions have copies of the synchronized location information at the time of binding. The associated policy revision includes this information. Each bound policy or completed policy transaction is a separate policy revision.
  • New policy transactions – When new policy transactions on existing policies begin, the locations on those policy transactions always display the most recent location information. The location information in the revision the policy transactions are based on does not matter.

Example

The Acme account has two policies: business auto and workers’ compensation. When the producer created the business auto submission, it used the location from the account. However, the producer noticed a typographical error and corrected the town/city field. Unfortunately, the producer made another mistake, and corrected the ZIP code on the account one month later. Since the business auto policy was in-force, PolicyCenter did not correct the ZIP code on the policy. A few months after these changes, Acme calls to request a workers’ compensation policy. The workers’ compensation submission picks up all the corrections entered on the account.

Since PolicyCenter tracks each version of the policy, PolicyCenter stores the original location information on each policy. Bound policies are legally binding. Changing the location on either the account or policy, does not change the location on other policies previously bound. However, pending policy transactions (submissions, policy changes, or renewals) always display the most current account location information.

Note: When creating a new primary location, you add a new location and set it as primary. Then you change the status of the old location to inactive. See Add a new location for details.