Cancel a Policy

Modified on Sat, 6 Jul, 2024 at 6:25 AM

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How to Initiate a Cancellation

	Quick Links	On the Home page, hover over the Transaction icon and select Cancellation.
	Transaction	Locate the transaction & from its Actions, choose Cancel.
	Policy Transaction level	Select Menu, then Cancel.
	Transaction Wizard	When applicable, the wizard includes the Cancel Policy option in the What's Next button of the Summary page.

 NOTE: When initiating via option 1, you will be prompted to enter an existing client name. From there, a list of the client's current transactions will be displayed. Using the list, choose the transaction you wish to cancel.

Cancellation Wizard

The following pages of the Cancellation Wizard have their own articles discussing each page in detail. Select the respective links to learn about each page:

The feature specific to a Cancellation is the following:

Cancellation Reason page
Brief Description and Effective Date field in the Policy Summary page

Cancellation Reason

This page records the cancellation reason and additional details. Information recorded on this page can only be viewed within the wizard:

The Cancellation Reason field is used as an internal reference to note the reason for the cancellation. Your Administrator determines the field's options and can customise them further to suit your business.

The Additional Detail field is also used for internal reference and is a free-entry field.

Effective Date

You'll notice that most fields on the Policy Summary page are not editable, except for the Brief Description and Effective Date fields.

Brief Description:

Changes applied will apply to ALL transactions in the policy history.

Effective Date:

Determines whether the cancellation is Mid-term or Full-term. For Manual policies, INSIGHT uses this field to calculate the credit amount generated by the cancellation.