Sir, very nicely explained. Have one question though, what is the difference between rewrite and reissue? As in on of the policy admin product these two are considered as 2 separate transactions.
Hello Sir , your 1st example on Reinstatement is correct but coming to Rewrite it's not. 1. For changing a wrong name we can perform polichange on same new business effective date. 2. If you are doing a midterm cancel rewrite due to some changes then the expiration date won't be the last day of the new business term. Expiration date will be adjusted per the Rewritten effective date. Notes - New Business, Rewrite, Reissue and Renew always behave the same way. Effective and expiration date depends upon the term period. How long you wants to take. I think you have to give the realistic examples for the Rewritten policy.
Hi Sir, I have been following all your videos and these are very informative and useful. Can you please explain difference between Rescinding a cancellation and Reinstatement? When will we go for Rescind and Reinstatement.
Rescinding cancellation is the cancellation of the future cancellation policy ( ex: If you are cancelling a policy with a future eff date and if you go to that submission you can see the rescind option) when you gave that it will stop you for the future cancellation Reinstatement- Making again from cancelled policy to in-force
I have few questions, in reinstatement if insured fails to pay premium on 15th march then what will happen, will policy get cancelled or the policy can be inforce by paying any fee. And in rewriting If the name of insured is misspelt in documents then it can be corrected through an endorsement, why is there any need of rewrite. Please explain it would be helpful
Policy will cancelled if no payment is made irrespective of any fees 2) if you use policy change to correct mistakes only the endorsement document will reflect the changes not the original policy documents
Hi Sir What will happen if payment is done after 15 days? Will it be reinstated? Will the insurance company cover for earlier risk as well? Also will it be applicable in property and casualty policy ?
@@prasathparthiban586 sir, you said no of days depends on the carrier, what would be the minimum and maximum number of days? 2) And also when you say the policy can be reinstated without lapse, here is what my understanding, lets say policy cancelled on March15th and reinstated on march25th, so is the policy holder eligible to claim anything in between those 2 dates after reninstated without lapse?
Sir, i have a question. If suppose customer cam eto know abt cancellation of policy after March 15th, say after 1 week . Then after knowing cancellation pays the payment then still it is also called reinstatement. Or on the same day customer has to make payment upon cancellation. How much time time gap can be considered to make payment to activate the policy.
Hi sir. I have a doubt. For example: if the policy is cancelled for non-payment and the customer is making payment after 10 days. Meanwhile, the policy is cancelled state. Is it possible to file a claim on the cancelled date?
Vere Level Thalaiva.. very useful info indeed and it clears precisely !!
Thank you
Please explain the reissue transaction as well.
Sir, very nicely explained. Have one question though, what is the difference between rewrite and reissue? As in on of the policy admin product these two are considered as 2 separate transactions.
Hello Sir , your 1st example on Reinstatement is correct but coming to Rewrite it's not.
1. For changing a wrong name we can perform polichange on same new business effective date.
2. If you are doing a midterm cancel rewrite due to some changes then the expiration date won't be the last day of the new business term. Expiration date will be adjusted per the Rewritten effective date.
Notes - New Business, Rewrite, Reissue and Renew always behave the same way. Effective and expiration date depends upon the term period. How long you wants to take.
I think you have to give the realistic examples for the Rewritten policy.
Nice Information sir, Can you explain about Short rate and Pro rate cancellation
Very nicely explained. 👌
Thank you.. can policy number changed?
Hi Sir,
I have been following all your videos and these are very informative and useful.
Can you please explain difference between Rescinding a cancellation and Reinstatement?
When will we go for Rescind and Reinstatement.
Rescinding cancellation is the cancellation of the future cancellation policy ( ex: If you are cancelling a policy with a future eff date and if you go to that submission you can see the rescind option) when you gave that it will stop you for the future cancellation
Reinstatement- Making again from cancelled policy to in-force
u r great
If policy was cancelled two month or one month before expiration then in that situation we can renew or rewrite policy?
lookd like need more depth examples related to P&C
Useful information
Thank you Akka
I have few questions,
in reinstatement if insured fails to pay premium on 15th march then what will happen, will policy get cancelled or the policy can be inforce by paying any fee.
And in rewriting
If the name of insured is misspelt in documents then it can be corrected through an endorsement, why is there any need of rewrite.
Please explain it would be helpful
Policy will cancelled if no payment is made irrespective of any fees 2) if you use policy change to correct mistakes only the endorsement document will reflect the changes not the original policy documents
Thanks for making me understand this
Wht are the 2 types of reinstate mnt
Does policy number change in Rewrite?
@@abhinab1112 - it depends on each customer
Hi Sir
What will happen if payment is done after 15 days? Will it be reinstated? Will the insurance company cover for earlier risk as well?
Also will it be applicable in property and casualty policy ?
It can be reinstated without lapse in coverage.no of days depends on insurance carrier
@@prasathparthiban586 sir, you said no of days depends on the carrier, what would be the minimum and maximum number of days?
2) And also when you say the policy can be reinstated without lapse, here is what my understanding, lets say policy cancelled on March15th and reinstated on march25th, so is the policy holder eligible to claim anything in between those 2 dates after reninstated without lapse?
Sir, i have a question. If suppose customer cam eto know abt cancellation of policy after March 15th, say after 1 week . Then after knowing cancellation pays the payment then still it is also called reinstatement. Or on the same day customer has to make payment upon cancellation. How much time time gap can be considered to make payment to activate the policy.
Hi sir. I have a doubt. For example: if the policy is cancelled for non-payment and the customer is making payment after 10 days. Meanwhile, the policy is cancelled state. Is it possible to file a claim on the cancelled date?
your policy has to be inforce(Active) for the claim to be processed
@@prasathparthiban586 sir can I have your no
Nice video sir.One doubt for rewrite like mis spelt name or change of producer why endorsement of original policy is not used here .Please clarify