Create policy change

Procedure

  1. Navigate to a policy and select Change Policy from the Actions menu.
  2. Specify an effective date and optionally enter a description for the policy change.

    Although optional, it is useful to provide a description for the policy change. Otherwise, the policy change can only be identified by its effective date. If a policy has more than one policy change, it can be difficult to find a particular policy change if effective date is the only way to distinguish them. This situation is particularly a problem when multiple policy changes have the same effective date.

  3. Make changes to the policy contract by using the policy change wizard links on the left of the screen.
  4. Review changes made to the policy by selecting Policy Review.

    This review identifies any additions, removals, or changes to the policy.

  5. Since a change typically involves modifications to the exposures or coverages, you must select Quote to requote the policy.

    The tabs on the Quote screen provide different views of the financial impact of the policy change. View the different cards on the Quote screen to see the financial impact of the policy change. The purpose of these cards is to answer various questions an insured might ask when exploring the financial impact of a policy change. The insured might ask, “How much will this cost me right now?” and “What is the total cost for this policy going to be?”

    • Viewing the Policy Premium card itemizes the entire policy as it stands after the change. This information does not distinguish between exposures and coverages previously on the policy and those just being added to (or removed from) the policy.
    • The Cost Change Detail card shows the transaction cost (offset and onset) resulting from the policy change.
  6. After the policy change has been successfully quoted, you can:
    • Edit and requote. To edit policy changes, you must have the viewpolchange and editpolchange system permissions.
    • Create a new version.
    • Save the draft.
    • Select close options.
  7. Click Issue Policy to bind and issue the policy.

    This action is similar to binding a submission. After binding, the change becomes a legal part of the contract as of the change’s effective date.