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InsPolicyService:createReinstatementPolicy
Use this service to reinstate a canceled policy.
Class: InsPolicyService
Method: createReinstatementPolicy
The service creates these transactions as a part of reinstating a policy:
-
Reinstatement: A reinstatement transaction is generated by default on the full amount that is owed based on the term premium of the reinstated policy version.
-
Reinstatement by payment schedule: This transaction shows up as a payment schedule entry. The transaction is calculated based on the amount refunded or charged for the cancellation transaction and the missed payments between the cancellation effective date and the reinstatement effective date.
How it Works
-
The service takes the
policyIdof the canceled policy as input. -
The service accepts
reinstatementEffectiveDateas input for the transaction effective date. -
The service accepts the policy status as input for the status of the new policy created.
-
The service creates a new cloned version of the canceled policy version with an effective date as the endDate of the canceled policy version + 1 day.
-
The service creates these transactions as a part of reinstating a policy:
-
Reinstatement: If the
createTransactionflag is true, the service creates a transaction type as a reinstatement for the changes in term premium. -
Reinstatement by payment schedule: If both the
createTransactionflag andincludePaymentScheduleflag are true:The service creates all future payment schedules based on the payment frequency after the
reinstatementEffectiveDate.-
The service accounts for the missed payment for duration between cancellation date and the next payment schedule date after
reinstatementEffectiveDateinto a consolidated entry. The schedule date of this payment schedule isreinstatementEffectiveDateand the status isValid. -
If the payment schedule is unpaid at the time of the cancellation, the cancellation isn't settled. In this case, the status of payment schedule (cancellation) is
Invalidand the unpaid amount is accounted in the new payment schedule of the reinstated policy. -
The service creates a transaction type of
Reinstatement by Payment Scheduleattached to the consolidated payment schedule. -
If the payment schedule during cancellation is unpaid, the service updates the status of the payment schedule to
Invalidand includes the outstanding amount in the consolidated payment schedule entry. -
If
useIsPaidFlagis true, the service creates Payment Schedule Entry Details for the payment schedule entries and creates transaction breakdown entries for the transactions.
-
The service additionally supports reinstatement of policies where the original policy version has a duration of less than 365 days, or less than 366 days in a leap year. See Considerations and Limitations for Insurance Policies.
Remote Options
Option |
Description |
|---|---|
|
Optional The effective date of the reinstatement transaction. If no value is provided, then it defaults to the date when the policy is reinstated. If you're using the Insurance Industries Extension package, the timestamp value in the |
|
Optional The status of the new policy. If no value is provided, then the status defaults to initial value. |
createTransaction
|
Optional If true, the service creates the reinstatement transaction. The default value is true. |
includePaymentSchedule
|
Optional If true, the service creates the payment schedule entries. The default value is false. |
useIsPaidFlag
|
Optional If true, the service creates the payment schedule entry details. The default value is false. |
includeRevenueSchedule
|
Optional This option applies when If the value of this option is true, the service calls InsPolicyRevenueScheduleService:modifyRevenueSchedule. The default value is false. |
isCreatingPolicyTerms
|
Optional If true, the service returns the policyTermIds node in the output JSON. The default value is true. |
createContactForParticipants
|
Optional If true, the service creates a new Contact record for the Insured Party if the contact doesn't exist. The default value is true. |
Input JSON and Options JSON
Here are the sample input JSON and options JSON:
Input JSON
{
"policyId":"0YTRN0000000CjG4AU"
}Options JSON
{
"reinstatementEffectiveDate": "4/28/2023",
"includePaymentSchedule": true,
"useLocalTimeZone": true,
"includeRevenueSchedule": false,
"isCreatingPolicyTerms": false,
"createTransaction": true,
"useIsPaidFlag": true
}Output JSON
{
"policyTermIds": [
"a6ERN00000003RO2AY"
],
"snapshotId": [
"00PRN000000c9hn2AA"
],
"InsurancePolicy": [
"0YTRN0000000CjG4AU"
]
}