Amend Insurance Policy – A summary of the activity

This activity allows you to amend the details of an authorized insurance policy. You can search and select the policy for which you want to amend the details. You can amend the details of a policy for which the payment of premium has not been completed. Along with the details of the policy you can also amend the details of the premium payment schedule. This activity also allows you to close an insurance policy. An insurance policy can be closed if it is no longer required provided there are no claims raised for the policy. The payment schedule that has been generated for the payment of premium is automatically terminated when the policy is closed.

Getting familiar with the pages inside

What you can do in this activity

Amend policy

Close policy

Generate payment vouchers

Amend policy

The details of an insurance policy can be modified after it has been authorized. The status of the policy that you want to amend must be in the “Active” status. Apart from modifying the details of the policy, new assets can also be included in the policy.

• Go to “Amend Insurance Policy” page.

• Make the necessary amendment.

Close policy

An insurance policy can be closed if it is no longer required. The status of the policy after the closure is updated from “Active” to “Closed”. Once a policy is closed the payment schedule that has been generated will be terminated automatically.

• Go to “Amend Insurance Policy” page

• Close the policy

Generate payment vouchers

Sundry payment vouchers are usually generated for the premium due amount. Once the policy and the payment schedule is amended the system generates new sundry payment vouchers for the amended amount.

• Go to “Payment Information” page.

• Amend the necessary information and generate new vouchers.