Endorsements
After a policy has been bound, if you need to make changes that require altering the policy, you can create an endorsement. An endorsement is a written document attached to a policy that modifies the policy by changing the coverage. You can create an endorsement for a submission with any of the following statuses: Bound, Issued, Renewed, Non-Renewed, Cancelled, Cancellation Requested, Cancellation Pending, and Expired.
The only endorsement action available in UM Agent is Create an endorsement.
Simple and policy change endorsements
You can create either simple or policy change endorsements.
-
Insured name
-
Expiration date
-
Insured mailing address
A policy change endorsement includes changes to application fields, and requires rating to address potential financial changes.
The workflow is different for simple and policy change endorsements. If all endorsement reasons are simple endorsements, you can submit the endorsement right after you specify the change. If one or more of the endorsement reasons is not a simple endorsement reason, you must first modify data on application forms for the policy and then (if applicable) obtain a new rate for the endorsement.
Multiple-Quote endorsements
If multiple-quote endorsements are enabled for the product for which you are creating an endorsement, you can create a new quote or copy a quote. You can then navigate among the quotes. You can also rate and price (if applicable) each quote.