This article is going to explain the process IF you are sending a registered letter and the policy is pending renewal.

 

 

This is the status of the policy where the renewal has been received in the platform, the renewal term is available but the date of the renewal has not been reached yet.  For example, if today is January 4th, 2022, the renewal is in the platform and shows the renewal details for the date of Feb 1st, 2022, we can see the policy renewal version on the underwriting screen and on the Payments tab, this policy status is Pending renewal. 

 

 

In the Registered Letter process, the system is in compliance with the minimum of 15 days registered letter notice, and there COULD be occasion when this crosses over into the renewal policy term.

 

See this scenario:

 

Initial Policy Term : 2020-Nov-14 - 2021-Nov-14

Renewal Policy Term : 2021-Nov-14 - 2022-Nov-14

Registered letter request was sent on the initial policy term say at 2021-Nov-10. By law, insurers will have to provide a minimum of 15 days so earliest cancellation date would be 2021-Nov-25 which spills into the renewal policy term.

 

In the above scenario, the following will happen:

 

The initial policy term terminates 'normally'.  This being the 2021-Nov-14 using our scenario dates.

The Renewal Policy Term has a cancellation version with the requested cancellation effective date. This being 2021-Nov-25 using our scenario, again.

 

 

 

If you are reinstating this type of policy, and then requesting the reinstatement on or near the renewal date, it is recommended that you have made arrangements on the collection of the $ and you are requesting the reinstatement directly with the insurer.

 

The Reinstate icon is available for this process, but of course, if the cancellation date falls on the weekend or a day the office is closed, this could be missed and the option to Reinstate is missed. 

 

The issue here is if the pending cancellation date is the same date or near the date of renewal it will give little time for the user to request the reinstatement, especially if it falls on the weekend.  This is why the above workflow is suggested. 

 

 

If a policy, that is Pending Registered letter cancellation, has a cancellation effective date that spills into the renewal policy BUT no renewal policy is issued then the initial policy term will be cancelled on its original term end date

and the renewal will not issue.

 

 

 

When a policy is Pending Registered letter cancellation you will not be able to perform a change.