View source for Policy: Renew A Policy

[[Category:Policy Tasks]]
<table class="infobox" cellspacing="5" style="background-color: #FFFFFF; width:27em; text-align:left; border-spacing: 2px; line-height:1.5em;">
<tr>
    <td>[[File:Ic_info_black_24dp.png]] Required Software Version: [[:Category:Release Notes|Spring 2017]]</td>
</tr>
<tr style="background-color: #bdbdbd; text-align: center; font-weight:bold;">
    <td>Related Pages</td>
</tr>

<tr> 
<td>
<ul>
<li>[[Invoice: Create An Invoice]]</li>
<li>[[Policy Dashboard]]</li>
<li>[[Policy & Billing]]</li>
<li>[[Policy: Create A Policy]]</li>
<li>[[Submission]]</li>
</ul>
</td>
</tr>
<tr style="background-color: #d3d3d3; text-align: center; ">
    <td>Related Categories</td>
</tr>
<tr>
<td>
<ul>
<li>[[:Category:Policy Tasks|Policy Tasks]]</li>
</ul>
</td>
</tr>
</table>
The procedure below is used when a [[Transaction Profile|renewal]] needs to entered for an [[Policy: Create A Policy|active or expired policy]].  A policy can be renewed to [[#Renew a policy to the same policy number|the same policy number]], a [[#Renew a policy to a new policy number|new policy number]], a [[#Renew a policy to a quote|new quote]], or [[#Renew a policy to a submission|a submission]]. 

== Before You Begin ==
Access to create and edit policies or binders requires the current operator to have [[Security System|Security System: AR -> Policy Transaction -> Entry and Edit]] access. 

Access to create and edit quotes requires the current operator to have [[Security System|Security System: AR -> Quoted Transaction -> Entry and Edit]] access. 

[[File:Ic_info_black_24dp.png]]  See: [[Security System]] for more information.

[[File:Ic_info_black_24dp.png]]  See: [[Policy: Insert An Audit Transaction Or Prior Term Endorsement]] for prior term endorsements.

== Renew a policy to the same policy number ==
When a policy is renewed to the same policy number, a new transaction is added to the existing policy. (See: [[Policy_%26_Billing#Policy_Transactions_.28Sequences.29|Policy Transactions (Sequences)]] for more information.)
#[[Client_Tab#Find_a_Client|Search for and load the client or prospect]]. 
#On the [[Client Tab: Client Dashboard|'''Client Dashboard''' tab]] select the (+) next to '''Policies'''. ''(To expand the band by default, see: [[Preferences]])'' 
#'''Left-Click''' the desired policy number to open the [[Policy Dashboard]].  
#Select '''Policy Tasks''' -> '''Renew Policy'''.
#:[[File:Poldash-dashboard-toolbar-policytask.png]]
#Verify '''Policy Type''' -> '''Policy'''. ''(To renew to a quote or submission, see [[#Renew a policy to a quote|the section below]].)''
#'''Do not''' select '''Auto Number''' or change the policy number. ''(To renew to a different number, see [[#Renew a policy to a new policy number|the section below]].)''
#Select the [[Transaction Profile|Transaction Code]] for '''Renewal''', typically '''REN'''. 
#Verify the '''Effective Dates''' for the renewal. 
#:[[File:Poldash-renew.PNG]]
#'''Optional Items:'''
#*Enter a short description in the '''Transaction Details''' field. 
#*'''Do not''' select '''Bring Forward Attachments''' if the policy number does not change. 
#*To create a follow up [[Diary]] item, select the '''Create Diary''' option. 
#*Enter any additional activity details in the '''Policy Log''' field. 
#Select '''Next'''.
#Select any [[:Category:Forms|Forms]] to bring forward to the new renewal transaction.  This will '''copy''' the existing forms to the new transaction so they can be modified according to the renewal. 
#:[[File:Poldash-endorse-moveforms.png]]
#Select '''Next'''. 
#The renewal policy transaction will be added with the selected effective dates, and any selected forms will be copied to the new transaction. 

[[File:Ic_info_black_24dp.png]] See [[#Invoice processing|the Invoice Processing]] section below to enter in the Renewal invoice premium. 

== Renew a policy to a new policy number ==
When a policy is renewed to a different policy number, a new policy is created with prior policy activity and [[:Category:Forms|forms]] are copied from the old policy. 
#[[Client_Tab#Find_a_Client|Search for and load the client or prospect]]. 
#On the [[Client Tab: Client Dashboard|'''Client Dashboard''' tab]] select the (+) next to '''Policies'''. ''(To expand the band by default, see: [[Preferences]])'' 
#'''Left-Click''' the desired policy number to open the [[Policy Dashboard]].  
#Select '''Policy Tasks''' -> '''Renew Policy'''.
#Verify '''Policy Type''' -> '''Policy'''. ''(To renew to a quote or submission, see [[#Renew a policy to a quote|the section below]].)''
#Select '''Auto Number''' to create a unique temporary number, or enter the new policy number. ''(If the renewal number matches an existing policy, a [[Policy_%26_Billing#Policy_Transactions_.28Sequences.29|new transaction will be added to the existing policy]].)
#:[[File:Poldash-renew-auto.PNG]]
#Select the [[Transaction Profile|Transaction Code]] for '''Renewal''', typically '''REN'''. 
#Verify the '''Effective Dates''' for the renewal. 
#'''Optional Items:'''
#*Enter a short description in the '''Transaction Details''' field. 
#*Select '''Bring Forward Attachments''' to copy existing attachments ''(not ACORD forms)'' and emails to the destination policy number. Copied attachments will be '''listed twice''' on the [[Client Dashboard]], for both the original policy number and the renewal number. (''Excludes printed and previewed ACORD form .PDFs'')
#*To create a follow up [[Diary]] item, select the '''Create Diary''' option. 
#*Enter any additional activity details in the '''Policy Log''' field. 
#Select '''Next'''.
#Select any [[:Category:Forms|Forms]] to bring forward to the new renewal transaction.  This will '''copy''' the existing forms to the new transaction so they can be modified according to the renewal. 
#Select '''Next'''. 
#The renewal policy transaction will be added with the selected effective dates, and any selected forms will be copied to the new transaction. 

[[File:Ic_info_black_24dp.png]] See [[#Invoice processing|the Invoice Processing]] section below to enter in the Renewal invoice premium. 

== Renew a policy to a quote ==
When a policy is renewed to a quote, a [[Policy_%26_Billing#Policy_Type|new quote]] is created with prior policy activity and [[:Category:Forms|forms]] are copied from the old policy. The quote can later be [[Policy: Convert A Quote To A Policy|converted to a new policy number, or back to the original policy number]]. 
#[[Client_Tab#Find_a_Client|Search for and load the client or prospect]]. 
#On the [[Client Tab: Client Dashboard|'''Client Dashboard''' tab]] select the (+) next to '''Policies'''. ''(To expand the band by default, see: [[Preferences]])'' 
#'''Left-Click''' the desired policy number to open the [[Policy Dashboard]].  
#Select '''Policy Tasks''' -> '''Renew Policy'''.
#Select '''Policy Type''' -> '''Quote'''.
#Select '''Auto Number''' to create a unique temporary number (Recommended), or enter the new quote number. 
#:[[File:Poldash-renew-autoquote.png]]
#Select the [[Transaction Profile|Transaction Code]] for '''Renewal''', typically '''REN'''. 
#Verify the '''Effective Dates''' for the renewal. 
#'''Optional Items:'''
#*Enter a short description in the '''Transaction Details''' field. 
#*Select '''Bring Forward Attachments''' to copy existing attachments ''(not ACORD forms)'' and emails to the destination policy number. Copied attachments will be '''listed twice''' on the [[Client Dashboard]], for both the original policy number and the renewal number. (''Excludes printed and previewed ACORD form .PDFs'')
#*To create a follow up [[Diary]] item, select the '''Create Diary''' option. 
#*Enter any additional activity details in the '''Policy Log''' field. 
#Select '''Next'''.
#Select any [[:Category:Forms|Forms]] to bring forward to the new renewal transaction.  This will '''copy''' the existing forms to the new transaction so they can be modified according to the renewal. 
#Select '''Next'''. 
#The renewal quote will be added with the selected effective dates, and any selected forms will be copied to the new transaction. 

[[File:Ic_info_black_24dp.png]] See [[#Invoice processing|the Invoice Processing]] section below to enter in the Renewal invoice premium. 

== Renew a policy to a submission ==
When a policy is renewed to a [[Submission]], a [[Policy_%26_Billing#Policy_Type|new quote]] is created with prior policy activity and [[:Category:Forms|forms]] are copied from the old policy. The quote is linked to a suspense item that is listed on the [[User Dashboard Tab]]. The quote will initially use the same [[Company Profile|company code]] as the existing policy, however the company can be changed to send applications to multiple carriers. The quote can later be [[Policy: Convert A Quote To A Policy|converted to a new policy number, or back to the original policy number]]. 
#[[Client_Tab#Find_a_Client|Search for and load the client or prospect]]. 
#On the [[Client Tab: Client Dashboard|'''Client Dashboard''' tab]] select the (+) next to '''Policies'''. ''(To expand the band by default, see: [[Preferences]])'' 
#'''Left-Click''' the desired policy number to open the [[Policy Dashboard]].  
#Select '''Policy Tasks''' -> '''Renew Policy'''.
#Select '''Policy Type''' -> '''Submission'''.
#Verify '''Auto Number''' is selected to create a unique temporary number. 
#:[[File:Poldash-renew-autosubmission.png]]
#Select the [[Transaction Profile|Transaction Code]] for '''Renewal''', typically '''REN'''. 
#Verify the '''Effective Dates''' for the renewal. 
#'''Optional Items:'''
#*Enter a short description in the '''Transaction Details''' field. 
#*Select '''Bring Forward Attachments''' to copy existing attachments ''(not ACORD forms)'' and emails to the destination policy number. Copied attachments will be '''listed twice''' on the [[Client Dashboard]], for both the original policy number and the renewal number. (''Excludes printed and previewed ACORD form .PDFs'')
#*To create a follow up [[Diary]] item, select the '''Create Diary''' option. Since the [[Submission]] is a suspense item already, this is not typically selected. 
#*Enter any additional activity details in the '''Policy Log''' field. 
#Select '''Next'''.
#Select any [[:Category:Forms|Forms]] to bring forward to the new renewal transaction.  This will '''copy''' the existing forms to the new transaction so they can be modified according to the renewal. 
#Select '''Next'''. 
#The renewal quote will be added with the selected effective dates, and any selected forms will be copied to the new transaction. 

[[File:Ic_info_black_24dp.png]] See [[#Invoice processing|the Invoice Processing]] section below to enter in the Renewal invoice premium.

== Invoice processing ==
After creating the renewal policy or quote transaction using the steps above, select [[Policy & Billing]] within the [[Policy Dashboard]] toolbar to create an invoice. Verify the '''Invoice Date''' and select '''Next''' to enter the premium amount. 

[[File:Billing-ren-invdate.png]]


[[File:Ic_info_black_24dp.png]] See: [[Invoice: Create An Invoice]] for more information.