History:
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Ticket no.
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Created on
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Created by
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Description
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Original version
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1. Introduction
Seamless provides you with the flexibility to terminate a policy either during the mid-term or for the entire policy duration.
a. Before you begin
You need permission “Terminate policy” to do this.
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You can terminate policy that is Active / Expired / Terminated / Pending Termination.
To terminate the policy, click on Terminate button. It will show Termination popup.
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On Termination popup, you need to provide:
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Effective from: is the termination date, can select any date between policy start date and end date.
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Reason: select reason why policy should be terminated.
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New Premium with Recalculate button: you need to click Recalculate button to get the final premium of the policy for its actual effective period (which is from policy start date to termination date).
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If you agree, click Terminate button to proceed.
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Terminate a policy
Access to a policy
Click the Terminate button
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Choose the effective (date) from
To cancel (terminate entirely) the policy, the effective from date should be the policy start date
Choose the reason to terminate the policy
Click the Recalculate button to re-calculate the new premium when terminating
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If your tenant has been configured to send termination emails, you can tick or untick the field labeled Send termination email for this policy?
When ticking on the checkbox, you can select the email template for the policy termination email
Click the Terminate button
The policy will be terminated, and the termination email will be sent if configured
If the termination date has already passed or is today, the policy will be terminated immediately, and its status
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will be updated to "Terminated."
If you
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choose a termination date in the future, the policy will be
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set to terminate on that specific future date, and its status
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will be updated to "Pending Termination."
a. Terminate policy with a cooling-off period
In case your tenant has set up the cooling-off periods. When terminating a policy, the termination fee can be applied as a default
When the termination effective date is in the range from
Policy Start Date +1toPolicy Start Date + cooling-off period days, then the termination fee will default as 0When the termination effective date is out of the range from
Policy Start Date +1toPolicy Start Date + cooling-off period days, then the termination fee will default as the predefined value in the Product version
You can update the termination fee manually before terminating the policy. The New Premium will be the prorated premium + termination fee
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The reason “Cooling-off period” will be available in dialog
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b. Supported termination reason for Motor Registry
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3. Pending termination policies and Terminated policies
For the Terminated policy, you can:
Only view policy details
Download policy documents
Terminate policy again
For the Pending Termination policy, you can:
Adjust policy
Activate policy
Renew policy
Terminate policy again
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