Create policy effective in the past

Before you begin

Create a policy hold

About this task

In the previous set of instructions, you created a policy hold for commercial property renewals. In these steps, you will create a commercial property policy for a one year term, starting two years ago. Because this policy started two years ago, it will be ready for renewal, and subject to the policy hold.

Procedure

  1. Log in as a user with permissions to create policies. If you are using the sample data, log in as the underwriter aapplegate.

    In general, a producer, such as aarmstrong, would create the new policy. However, aarmstrong does not work for this example because he does not have the ability to set the Written Date. Therefore, the example uses the underwriter aapplegate.

  2. Go to an account. If you are using the sample data, go to the Wright Construction account.
  3. Select Actions > New Submission.
  4. Select Commercial Property.
  5. On the Policy Info screen, set the Effective Date and Written Date of the policy to two years prior to the current date.
  6. Continue the submission. If you are using the Wright Construction account, add a building on the Buildings and Locations screen:
    1. In the Actions column for the location, click the arrow, and select Add Building > New Building.
    2. On the New Building screen, enter a Property Class Code and Coverage Form.
    3. On Coverages > Business Income Coverage, enter a numeric value in one of the Income Limit fields.
    4. Click OK to create the building.
  7. Click Quote.
  8. Select Bind Options > Issue Policy.
  9. Go to the Account Summary screen. Notice that the policy is expired because you created it effective two years in the past.

What to do next

Renew policies through batch process