Amending insurance policy

This page allows you to amend the details of an insurance policy. You can amend details of a policy in the “Active” status. You can amend a policy for which payment has not been made. You cannot insure an asset tag under two policies of the same type while including new assets to the policy. This page also allows you to close a policy. You cannot close a policy for which a claim has been raised or for which payment adjustments have to be made.

Select the “Amend Insurance Policy” link provided in the “Select Insurance Policy” page.

The “Amend Insurance Policy” page appears.

The system displays the following:

Policy No	The code identifying the insurance policy.
Renewal No	The code identifying the renewal.
Status	The status of the policy. It must be “Active”.

Amend the following field if required:

Policy Desc.

A textual description of the policy (Alphanumeric, 40). Mandatory.

The system displays the following:

Insurance Company Code	The code identifying the insurance company that has issued the policy.
Policy Type	The type of the insurance policy.

Amend the following fields if required:

Policy Amount	The value of the policy (Decimal). Mandatory. The value entered in this field must be greater than zero.
Premium Amount	The premium amount, which is due for the policy (Decimal). Mandatory. The value entered in this field must be greater than zero.

Note: The premium amount must be higher than the old premium amount.

The system displays the following:

Blanket Payment	Indicates whether a blanket payment has been made to the insurance company for the policy.
Old Policy Amount	The old policy amount.
Old Premium Amount	The old premium amount.
Premium Paid	The amount paid as premium till date.
Effective Period From	The starting date of the period during which the asset is covered by the policy.
To	The ending date of the period during which the asset is covered by the policy.

Amend the following fields if required:

Risk Coverage %

The percentage of risk covered by the policy (Decimal). The value entered in this field must be greater than zero but lesser than 100.

Enter the following fields in the “Asset Selection” group box to search for the assets for which you want to make amendments.

Option	Use the drop-down list box to select the option from “Upload” or “Specific Search”.
	Upload – indicates that the asset information will be retrieved from an external source like an MS-Excel sheet or a database.
	Specific Search – indicates that the asset information will be retrieved from the “Asset Capitalization” business component mapped to the login organization unit.
	The system displays “Specific Search” by default on launch of page.
Asset Class Code	Use the drop-down list box to select the code identifying the class to which the asset belongs. The asset classes that have been defined in the “Create Asset Class” activity of the “Asset Type Definition” business component and that are in “Active” status will be available for selection in the ascending order.
Asset Location Code	The code identifying the location in which the asset is available (Alphanumeric, 20). The location code must have been defined in the “Create Asset Location” activity of the “Asset Location” business component and must be in the “Active” status.
	Help facility available
Asset Group Code	The code identifying the group to which the asset belongs (Alphanumeric, 25). The asset group must have been defined in the “Create Asset Group” activity of the “Asset Type Definition” business component and must be in the “Active” status.
	Help facility available
Finance Book	Use the drop-down list box to select the code identifying the finance book in which the asset details have been posted. All the finance books that have been mapped to the login organization unit will be available for selection in the ascending order. The system displays “Blank” by default on launch of the page.
Tag Status	Use the drop-down list box to select the status of the tag that you want to retrieve from “Insured Tags”, “Uninsured Tags” and “All”.
	Insured Tags – indicates that the system would retrieve the details of assets that have been insured under at least one policy type.
	Uninsured Tags – indicates that the system would retrieve the details of the assets that is yet to be insured under a policy type.
	All – indicates that the system would retrieve the details of all assets irrespective of whether they have been insured or not.
	The system displays “All” by default on launch of the page.
Value Type	Use the drop-down list box to select the type of the value based on which the asset has to be retrieved for insurance. You can select from “Insurable Value”, “Asset Cost” or “Net Book Value”.
	Insurable Value – indicates that the asset has been valued by an external agency based on the current market rates
	Asset Cost – indicates that the asset has been valued on its original cost price.
	Net Book Value – indicates that the asset has been valued based on the net value available in the books of accounts.
	The system displays “Insurable Value” by default on launch of the page.
Asset Value From	The starting value in the range of asset values for which you want to retrieve the asset details (Decimal). The value entered in this field must be greater than zero.

Note: The value entered in this field must be lesser than or equal to the value entered in the “To” field.

To	The ending value in the range of asset values for which you want to retrieve the asset details (Decimal). The value entered in this field must be greater than zero.
Asset No	The code identifying the asset that you want to retrieve for insurance (Alphanumeric, 18). You can enter the code in full or specify it partially using the “*” character. The system retrieves all the asset codes similar to the value entered here.
Asset Desc.	A textual description of the asset (Alphanumeric, 40). You can enter the description in full or specify it partially using the “*” character. The system retrieves all the assets that have descriptions similar to the value entered here.
Cost Center	The code identifying the cost center to which the asset has been mapped (Alphanumeric, 10). This cost center must have been defined in the “Create Cost Center / Unit” activity of the “Cost Setup” business component.

Click the “Get” pushbutton to retrieve the asset details.

The system displays the following in the “Asset Information” multiline based on the search criteria entered:

Note: The system retrieves the details of the assets that are in the “Active” status.

Asset No	The code identifying the asset.
Asset Desc.	A textual description of the asset.
Tag No	The code identifying the asset tag.
Tag Desc.	A textual description of the asset tag.
Tag Status	The status of the tag. It could be “Insured”, “Uninsured Tags” or “All”.
	Insured Tags – indicates that the asset has been insured under at least one policy type.
	Uninsured Tags – indicates that the asset is yet to be insured under a policy type.

Amend the following field if required:

Premium Amount

The premium amount due for the asset (Decimal). Mandatory. The value entered in this field must be greater than zero.

The system displays the following:

Insurable Value	The insurable value of the asset.
Soft Revaluation Run No	The number identifying the soft revaluation rule that been run in the “Asset Revaluation” business component.
Finance Book	The code identifying the finance book in which the asset details have been posted.
Asset Class Code	The code identifying the class to which the asset belongs.
Asset Location Code	The code identifying the location in which the asset is available.
Asset Group Code	The code identifying the group to which the asset belongs.
Cost Center	The code identifying the cost center to which the asset is mapped.

Check the box in the “Select” column of the multiline to mark assets for which you want to calculate the total premium and those you want to add to a temporary list.
Click the “Compute Total” pushbutton to calculate the total premium amount of the assets that have been newly added.

The system calculates and displays the following:

Total Premium Amount

The sum total of all the premium amounts entered in the “Asset Information” multiline.

Note: This amount must be equal to the premium amount of the policy.

Click the “Add To List” pushbutton to add the assets to a temporary list before amending a policy.

The system saves the details of the assets to the list of assets already attached to the policy.

Click the “Show List” pushbutton to view the temporary list of assets before amending a policy.

The system retrieves all the assets that have been added to the list after multiple searches.

Note: You can amend a policy for which the payment has not been completed.

Click the “Amend Policy” pushbutton to amend the details of the policy.

The system saves the amendment made to the policy and updates the login ID of the user and the system date in the “Last Modified By” and the “Last Modified Date” fields.

Note: You cannot close a policy for which a claim has been raised or for which payment adjustments have to be made.

Click the “Close Policy” pushbutton to close all the transactions of the policy.

The system updates the status of the policy as “Closed” and decreases the policy count of the assets.

The system displays the following:

Created By	The login ID of the user who has created the policy.
Created Date	The date on which the policy was created.
Last Modified By	The login ID of the user who has last modified the policy.
Last Modified Date	The date on which the policy was last modified.

To proceed, carry out the following

Select the “Payment Information” link at the bottom of the page to amend the payment due information of the policy.
Select the “Insurance Company Information” link at the bottom of the page to modify the details of the insurance company.
Select the “Attach notes” link at the bottom of the page to modify the details of the notes regarding the insurance policy.

What you can do in this page

Set the method for retrieving assets

Set the status of the tags to be retrieved

Add assets to a temporary list

Retrieve assets from the temporary list

Calculate the premium total

Set the method for retrieving assets

You can select the method in which the asset details must be retrieved to be included in the policy.

Set the “Option” field to “Upload” if you want to retrieve the asset information from an external source like an MS-Excel sheet or an external database.
Set the “Option” field to “Specific Search” if you want to retrieve the asset information from the “Asset Capitalization” business component that has been mapped to the login organization unit.

Set the status of the tags to be retrieved

You can retrieve assets that have been insured under a policy type or assets that have not yet been insured.

Set the “Tag Status” field to “Insured Tags” if you want to retrieve assets that have been insured under one policy type.
Set the “Tag Status” field to “Uninsured Tags” if you want to retrieve assets that have not yet been insured under any type of policy.

Add assets to a temporary list

You can add assets that have to be insured to a temporary list till the final “Create” is executed.

Check the box in the “Select” column of the multiline to mark the assets that has to be added to the list.
Click the “Add List” pushbutton to add the selected assets to the temporary list.

Retrieve assets from the temporary list

You can retrieve the assets that have been added to the temporary list while creating the insurance policy.

Click the “Show List” pushbutton to retrieve all the assets that have been added to the list.

The system retrieves all the assets that have been added to the list after multiple searches

Calculate the premium total

You can calculate the total premium amount that is due for the insurance policy.

Enter the individual amounts in the “Premium Amount” field.
Click the “Compute Total” pushbutton to calculate the total premium amount.

The system calculates and displays the total premium amount in the respective field.