Cancel a Policy

Use Cancellation to cancel a customer policy.

ClosedCanceling a Customer Policy

To cancel a customer policy:

  1. From the Customer Center, select the customer you want to edit.
  2. From the sidebar menu select Views > Policies.
  3. Highlight the policy in the list, and then click the Cancel icon from the toolbar.
  1. Complete the Cancellation form and click OK. You are returned to the Policy Information data entry form. The new cancellation transaction appears.
ClosedCancellation Data Entry Form
Field What is this?

Transaction

The Transaction populates with the type of Cancellation Request, but can be changed.

Effective Date

Type or use the Date Picker to select the appropriate cancellation Effective Date.

Reason

Select the Reason for the cancellation from the list.

Cancellation Reason What is this?

Agent/Company termination (non-ren)

Use this cancellation reason when you no longer represent the carrier insuring the policy. You need to cancel the policy and re-write with another carrier.

Broker of record change

Use this cancellation reason when you are no longer the "Broker of Record". You will cancel the policy and another agent will re-write.

 

In this case the insured signed an official "Broker of Record", changing the agency with which they do business.

Business Sold

Use this cancellation reason when the insured's business is sold and there is new ownership. The policy needs to be re-written for the new business, if applicable.

Insureds request

Use this cancellation reason when your insured has requested the policy cancellation.

Non-payment

Use this cancellation reason when the carrier has cancelled the policy for non-payment.

Not taken

Use this cancellation reason when the policy is presented to the insured and they opt not to purchase the coverage.

Other

Use this cancellation reason when none of the other listed cancellation reasons apply.

Out of business

Use this cancellation reason when the insured goes out of business. The policy is canceled because coverage is no longer needed.

Payment received

Use this cancellation reason when the insured's premium payment is too late for reinstatement.

Rewritten

Use this cancellation reason when the original policy has canceled and needs to be rewritten.

Underwriting reasons

Use this cancellation reason when the carrier's underwriter cancels the policy for underwriting reasons.

Work Completed

Use this cancellation reason when the work is completed on a project and the coverage is no longer needed.

 

For example, a contractor insures the construction of a home. When the home is built, the contractor's insurance is no longer needed.

Description

This field defaults to the cancellation type that is selected in the Transaction field. If necessary, change the description that you want to print on the Invoice, Statement, and other forms, as well as appear in the Customer Register and other views throughout AMS360.

What's Next?

Do you need to send a Lost Policy Release? See eForms Manager for information on creating forms. See Activity/Suspense for more information on adding a follow up or logging an activity.

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