You are here:
Policy Administration Enhancements
Perform out-of-sequence transactions for multi-term
policies, and generate transaction breakdowns and payment schedules. Identify the
appropriate pricing procedure to use during policy updates by using the ratingDate option in updated
services.
- Support Payment Schedule and Out-of-Sequence Transactions for Multi-Term Policies
You can now perform out-of-sequence transactions for multi-term policies and populate insurance policy payment schedules for these transactions. Customers can perform backdated transactions in past policy term. The changes are applied to future policy terms. Carriers can stay informed about the updated insurance policy payment schedules for these transactions. - Support Transaction and Payment Schedule Breakdown for Out-of-Sequence Endorsement
The InsPolicyService:createOutOfSequencePolicyVersion service now supports generating transaction breakdowns and payment schedule entry details for out-of-sequence transactions. Customers can see the premium, tax, and fee contribution from policy components and surcharges if defined at the root product level for out-of-sequence endorsement. - Use the Rating Date During Policy Lifecycle
Use the rating dates to determine the pricing procedures to apply during mid-term adjustments, renewals, and out-of-sequence endorsements. Insurance providers can use a date other than the effective date to calculate the insurance policy premium.
Did this article solve your issue?
Let us know so we can improve!
