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Insurance
Understand Reinstatement Transactions and Billing

Understand Reinstatement Transactions and Billing

Insurance Policy Transactions and Transaction Details generated by reinstatement represent the financial impact of restoring the policy and its associated components and serve as the bridge to billing.

Required Editions

Available in: Lightning Experience
Available in: Professional, Enterprise, and Unlimited Editions where Insurance Brokerage is enabled

Overview

Conceptually, reinstatement transactions capture the delta between the canceled policy state and the reinstated policy state.

  • Transaction amounts reflect the reinstated portion of the policy term
  • Transaction details include premiums, fees, taxes, and commissions across policy components
  • Billing schedules and invoices are created after sending the transaction to billing

Billing Behavior

  • Billing supports upfront, term-based, and milestone billing
  • Billing starts from the reinstatement date
  • Previously canceled periods aren't billed unless covered by the reinstatement
 
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