Renew a Policy

Use the Renew transaction to renew (replace) a policy that is due to expire and to create a renewal invoice. You can renew a current term policy to APP (Application) status so you can market it, while leaving the current term policy active. For more information, see Remarketing a Policy.

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

Process a renewal

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 renew.
3. Click Renew on the Policy Option Menu bar. The Renewal Transaction page appears. The effective date of the renewal defaults.
4. Make changes to the Renewal Transaction page (if needed); then click Next. The Policy Detail page appears.
5. Update the Policy Number (if necessary); and update the Miscellaneous Remarks.
6. Click Save or press ALT+S. The renewal term policy appears in the Policy grid.

Invoicing

For the renewal invoicing procedure, see Invoicing a Renewal.

Updating policy detail

Click the plus sign next to the renewal term policy to expand the detail information. (Be careful to select the correct policy term.) Then click the detail section that you want to update. The detail from the previous policy term comes forward (with the exception of dated-off items). Update the policy detail as needed; then save.

Printing forms

After updating and saving policy detail, you can access forms for printing by selecting a form using the Forms option on the Client Primary Navigation.