LPR Cancellation

 

When a client requests cancellation of a policy, inform the Producer before beginning this procedure.

·         From the policy list, highlight the policy you want to cancel and click Actions – Cancel from the Options Bar.

·         Select Policy Release from the radio buttons at the top of the screen.

·         Enter cancellation effective date and description – include reason for cancellation request. If only a certain line is being cancelled un-check the other lines of business.

·         Click ‘Detail”

·         Select appropriate Cancellation Reason

·         Close out of the policy from the Navigation Panel

·         Generate Lost Policy Release (LPR) by Clicking Print>Cancellation on the Options Bar. You must highlight one of the lines, not the Package Header.

·         Print Cancellation Window opens and there are 4 tabs

o   Detail – Select the appropriate radio button for what is being cancelled, Policy or Line.

·         Make sure the Producer’s code and Signature are filled in the Producer Section. If the policy is a SMG House Account or the Producer is inactive, select Drew Gilbreath as the signature

o   Forms – This tab will default to printing the Acord 35

o   Organization Contact – Will prefil agencies information

o   Distribution – Select how the LPR will be distributed. If emailing to the client, complete the Subject Line and Message.

·         Click Finish

·         Generates PCAN Activity

·         Email LPR to insured for electronic signature, attach to PCAN Activity, Cancellation folder

·         Attach the Insured request for cancellation to PCAN Activity, Cancellation folder

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·         Attach email received showing LPR sent out for electronic signature to PCAN Activity, Cancellation folder

·         Leave the Activity Open and change the Follow Up/Start Date to 2 business days out

·         Once you receive the signed LPR attach it to PCAN activity, Cancellation Folder and add detailed note, Change the Follow Up date to 30 days out.

·         Submit the signed LPR to the Carrier by clicking Actions, Submit Cancellation in the Options Bar. The Submit Cancellation box will open with 2 tabs

o   Attachments – Click Add, Select Existing Client Document, Check the box next to the Signed LPR and click Finish. If there are other supporting docs attached i.e. bill of sale select them now.

·         Distribution – Click the Magnifying Glass to Select the Contact you are sending the LPR to. If they can’t be located, type in their name and email address. Add a subject and message and click Finish.

·         Assign PCAN activity to CL Manager for follow up

§  CL Manager will process the cancellation service summary row when cancellation confirmation received, close activity

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·     Once the Cancellation Confirmation is received, Verify the correct policy/line was cancelled on the correct effective date, Enter the return premium in the Estimated Premium Field on the Line Tab and click Calculate next to the Estimated Commission Field.

·         Attach the Company’s confirmation to the PCAN activity, Cancellation Folder

·         Highlight the policy, Click Actions, Issue Cancellation. In the box that open’s change the Status Description to the appropriate Cancellation Status. Click Finish

·         Notify additional interests and holders on exiting certificates and evidences

·         Close Open PCAN Activity

·         If the Policy is Agency Bill, create a transaction for the return premium.