Terminate Policy

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.

2. Terminate a policy

1. Access to a policy

2. Click the Terminate button

Open

3. Choose the effective (date) from

   1. To cancel (terminate entirely) the policy, the effective from date should be the policy start date

4. Choose the reason to terminate the policy

5. Click the Recalculate button to re-calculate the new premium when terminating

Open

6. If your tenant has been configured to send termination emails, you can tick or untick the field labeled Send termination email for this policy?

   1. When ticking on the checkbox, you can select the email template for the policy termination email

7. Click the Terminate button

8. The policy will be terminated, and the termination email will be sent if configured

   1. If the termination date has already passed or is today, the policy will be terminated immediately, and its status will be updated to "Terminated."

   2. If you choose a termination date in the future, the policy will be set to terminate on that specific future date, and its status 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

1. When the termination effective date is in the range from Policy Start Date +1 to Policy Start Date + cooling-off period days, then the termination fee will default as 0

2. When the termination effective date is out of the range from Policy Start Date +1 to Policy 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

The reason “Cooling-off period” will be available in dialog

b. Supported termination reason for Motor Registry

3. Pending termination policies and Terminated policies

For the Terminated policy, you can:

1. Only view policy details

2. Download policy documents

3. Terminate policy again

For the Pending Termination policy, you can:

1. Adjust policy

2. Activate policy

3. Renew policy

4. Terminate policy again