Configure Cancellation Reason Types

Policy Administration offers you the ability to configure if a specific cancellation reason type should be included as a reason type for a Masterpolicy beside the policy.

1. In FintechOS Portal, navigate to Settings > Cancellation Reason Types.

2. The Cancellation Reason Types grid is displayed. Insert a new reason type by clicking the Insert button.

3. Fill in the Reason Type and Policy Status fields.

4. Check the Masterpolicy option and choose the Masterpolicy Status from the drop down field.

   The Masterpolicy boolean check is present on this form in order to be checked or not:

   • If it is checked, then the current cancellation reason type also appears for a Masterpolicy cancellation;

   • If it is not checked, the current cancellation reason type is not displayed as a reason type for a Masterpolicy cancellation.

5. Click Save and Reload.

6. The Insurance Type grid is unfolded, where you can configure the insurance type for which the reason type applies.

7. Click Save and Close.

   

You are also able to configure a business status mapping between the Cancellation reason type and the policy and Masterpolicy statuses. For example, the Decline by Screening reason type triggers the transition of a policy and a Masterpolicy in the Decline by Screening business status after reaching the Cancellation Final End Date.

Presented below are the Reason Types for the cancellation, and the business statuses for the Policies and Masterpolicies.

Reason Type	Policy Status	Masterpolicy Status
Decline by Screening	Decline by Screening	Cancelled
Property Sold	Cancelled or Surrender	Cancelled
Insured Death	Cancelled or Surrender	Cancelled
Withdrawal	Withdraw on Client’s Request	Withdraw on Client’s Request
Cancelled by Client	Cancelled or Surrender	Cancelled
Closed by Claim	Closed by Claim	Cancelled
Cancelled	Cancelled or Surrender	Cancelled