Remarketing a Policy

Use the Remarket option to renew a current term policy to APP (Application) status so you can market it, while leaving the current term policy active until you actually process the renewal or until the remarketed policy is "unaccepted."

A flag on the Accounting Flags Maintenance page controls the option to automatically copy Multi Policy Information to the remarketed policy.

What happens when you remarket a policy

When you click Remarket, the system creates a "remarketed" policy with a CNR status of M (Marketed.) The remarketed policy has the prefix APP, followed by the policy number of the current term policy. You can change the policy number of a remarketed policy, but you must include the APP prefix.

The CNR status of the current policy is changed to I (Interim), a status that indicates the policy is active. Interim policies appear on the Policy Renewal Report.

If no company accepts the marketed policy or you no longer remarket it, you can select the No Longer Remarket This Policy option, which changes the CNR status to Z (Unaccepted.)

Three policy statuses associated with remarketed policies

There are three statuses associated with remarketing policies. The statuses are summarized below.

 

A policy that is	has a CNR status of
Remarketed	M (Marketed)	is the policy sent to market for the renewal term. has the same policy number as the current term policy, with the prefix APP, unless you have changed it. Example:APP343438293
Current term	I  (Interim)	is the policy status of the current term policy once you renew it to APP status so you can market it. has CNR date that is the effective date of the remarketed term. is still an active policy and appears in the Policy Renewal Report.
Unaccepted	Z (Unaccepted)	is the policy status of a policy that is no longer being marketed. has a CNR date that is the effective date of the remarketed term.

 

You can change the policy number of a remarketed policy, but you must include the APP prefix

You can change the policy number of a remarketed policy as long as you leave APP as the policy number prefix. If you delete everything but APP from the Policy Number field, the system automatically appends the policy sequence number, as it does with any policy that includes APP in the policy number.

You cannot invoice a remarketed policy unless...

You cannot invoice a remarketed policy unless a policy flag that allows invoicing on policies that have policy numbers with a prefix of APP is set correctly. For more information, see Allowing Invoicing on Remarketed Policies.

For information on making a remarketed policy active, see Activating a Remarketed Policy.

Interim policies appear on the Policy Renewal Report

Interim policies appear in the Policy Renewal Report, even if you respond No to the All Statuses? Sort/Output option, because the CNR status I(nterim) indicates that they are active policies.

To remarket a policy

1. Look up and load the client. The Client Details page appears showing the policies attached to the client.

2. Click the policy you want to market.
3. Click Remarket on the Policies Toolbar. The Remarket Transaction page appears. You can change the Effective Date or Number or Days to Follow up.

4. Click Next. The Policy Detail Information page appears. The policy number is preceded by “APP” and the Status is REN followed by the word “Re-marketed.”

5. Make any policy changes that you want to before you remarket it.
6. When you have finished, click Save or press ALT+S.

The remarketed policy appears in the Policy Grid list. Notice that the CNR status for the policy is now M. The current term policy now has a CNR of I.