8.1 Process Policy Cession Maintenance Detail

This topic provides the steps you need to follow to define a Product.

The following are the steps you need to follow to define a Product. Each of these steps is explained in detail in subsequent sections:
  • Start the Policy Cession Maintenance Detail screen.
  • Enter information in the Policy Cession Maintenance Detail screen.
  • Save the information entered.
  1. On Home screen, type LEDPLCES in the text box, and click Next.
    The Policy Cession Maintenance Detail screen is displayed.

    Figure 8-1 Policy Cession Maintenance Detail


    Description of Figure 8-1 follows
    Description of "Figure 8-1 Policy Cession Maintenance Detail"

  2. On Policy Cession Maintenance Detail, click New to enter the details.
    For more information on fields, refer to the field description table.

    Table 8-1 Policy Cession Maintenance Detail - Field Description

    Field Description
    Policy Cession Maintenance

    In the Policy Cession Maintenance section, you will have to enter information in the following fields.
    Policy Number

    Alphanumeric; 16 Characters; Mandatory

    Select the number of the Policy that must be marked with a Cession ID.

    Note: This number must represent an authorized, enabled and active policy (for which at least one underlying transaction has been generated, authorized and allocated).

    The Policy Number entered here must represent a Policy that comes under a Product that is authorized and active.

    You can use the button alongside this field to view a list of valid policies and select the required one.

    When you specify the Policy Number, all the details of the Policy are picked up from the policy record and populated in the corresponding fields in this form.
    Cession Date

    Display

    The date on which the transfer is affected, is the Policy Cession Date. It is deemed to be the application date itself, which is displayed here by default. It cannot be changed.
    Policy Holder ID

    Display

    The name and ID of the Policy Holder whose Policy is to be marked with a Cession ID, is displayed here.
    Product ID

    Display

    The system displays the product ID.
    Cession Type

    Mandatory

    Select the Cession Type that is to be applied to the specified Policy, from the drop-down list. The list displays the following values:
    • Temporary
    • Permanent

    Note: If the type chosen here is Temporary, then only the Cession ID must be captured with remarks. If it is Permanent, then the Transferee ID must also be captured.

    Cession ID

    Alphanumeric; 3 Characters; Mandatory

    Select the Cession ID that is to be applied to the specified policy, from the option list.

    Note: The list will contain permanent cessions if the Cession Type specified is Permanent and temporary cessions if the Cession Type chosen is Temporary.

    Cession Description

    Display

    The system displays the description for the selected cession ID.
    Cession Remarks

    Alphanumeric; 255 Characters; Optional

    You can capture any descriptive/narrative text pertaining to this Policy Cession record in this field.

    Note: If the Cession Applicable field at the Product Level is checked in the Cession Maintenance screen, the system will allow the policies under this product for Policy Cession Maintenance.

    Transferee ID

    Alphanumeric; 12 Characters; Optional

    Select, from the option list, the ID of the Policy Holder to whom the policy must be transferred, when it is marked with the specified Cession ID. This must be a valid Unit Holder in the system, and must not have a Policy in the same Product.
    Transferee Name

    Display

    The system displays the transferee name for the selected transferee ID.
    Cessionary Details

    In the Cessionary Details section, you will have to enter information in the following fields.
    Cessionary Name

    Alphanumeric; 60 Characters; Optional

    Specify the name of the cessionary (policy-holder ceding the policy).
    Cessionary Ref Number

    Alphanumeric; 16 Characters; Optional

    Specify a unique reference number that will be used to identify the transaction in the system.
    Contact Person

    Alphanumeric; 60 Characters; Optional

    For corporate investors, enter the name of the contact person at the cessionary office.
    Address Lines 1-2

    Alphanumeric; 255 Character; Optional

    Specify the postal address that is to be used for correspondence with the cessionary.
    City

    Alphanumeric; 40 Characters; Optional

    Specify the name of the city of residence of the cessionary.
    State

    Alphanumeric; 40 Characters; Optional

    Specify the state in which the city of residence of the investor is cessionary.
    Zip Code

    Alphanumeric; 10 Characters; Optional

    Specify the zip code of the specified city of residence of the cessionary.
    Phone Number

    Alphanumeric; 15 Characters; Optional

    Enter the contact telephone numbers of the cessionary.
    Fax Number

    Alphanumeric; 15 Characters; Optional

    Enter the fax number of the cessionary.
    E-Mail ID

    Alphanumeric; 30 Characters; Optional

    Specify the Email address of the cessionary.
  3. Click Save when you have entered all the mandatory information.
    The system displays the following confirmation message Record Successfully Saved.
  4. Click Ok button from the dialog window.
    This indicates the record has been saved.

Parent topic: Policy Cession Maintenance