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Reinstatement w/ Lapse (cancelled)
Reinstatement w/ Lapse (cancelled)
If the policy is reflecting cancelled, you must review and process a payment so it can be reinstated with a lapse in coverage. This means that there will be days during the lapse period when the insured did not have coverage.
*If the insured says that they cannot make the payment that day, but will do so in a few days, be sure to inform them the policy reinstates effective 12:01 am the next day after the payment is made.
Access a cancelled policy.
Select Billing from the navigation tree.
Open reinstatement calculation spreadsheet.
4. You will need to enter the required information in the spreadsheet to calculate the reinstatement amount. Input on the BLUE fields only.
Policy Number
Reinstatement Effective Date, should always be the next day
Term Effective Date
Term Expiration Date
Term Premium (You will need to navigate to the History tab, see below)
EP Due. Look for the "Insured Owes" in Account Summary.
Number of Unbilled Installments. Count the number of Batch Rolled Items to find how many installments have been sent minus 5.
Payoff Amount before Cancellation
Due amount before Cancellation
Total amount to pay to reinstate. (Use this section to decide if the calculated reinstatement amount will be enough to bring the insured current in their billing cycle.)
To get Term Premium
To get Number of Unbilled Installments, count the total of Batch Roll Items - 5.
To get Due Amount & Payoff Amount prior to Cancellation.
To get total Amount to Pay to Reinstatement.
5. Click Start Transaction
6. Select > Reinstatement with Lapse > Select
7. Description should read as Cancellation Payment, make sure to check ON/OFF the Reinstatement Fee (depending on the state), and enter Additional Notice Text as Cancel Notice Payment.
8. Output Pending will show how the Reinstatement notice will be sent to the insured, either by mail or email depending on their delivery preference.
9. Click Process to Process the Reinstatement
10. Next you will get confirmation that the reinstatement with lapse was processed and you may check on the transaction history that the reinstatement with lapse will reflect.
Reinstatement Sheet
Reinstatement spreadsheetPage updated
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