Modifying insurance policy details

This page allows you to modify an insurance policy. Tell me more.

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

The “Edit Insurance Policy” page appears.

The system displays the following:

Policy No	The code identifying the insurance policy.
Renewal No	The code identifying the renewed policy.
Status	The status of the policy. It could be “Draft” or “Returned”.
	Draft – indicates a newly created policy for which the payment information has to be added.
	Returned – indicates a policy that has been returned for modification.

Modify the following fields if required:

Policy Desc.	A textual description of the policy (Alphanumeric, 40). Mandatory.
Insurance Company Code	Use the drop-down list box to select the code identifying the insurance company. All the insurance companies, which have been created earlier, will be available for selection in the alphabetical order.
Policy Type	Use the drop-down list box to select the type of the insurance policy. . All the policy types that have been defined in the “Create Quick Code” activity of the “Quick Code Definition” business component and are in the “Active” status will be available for selection in the ascending order.
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.
Blanket Payment	Use the drop-down list box to set whether a blanket payment has been made for the policy that you want to retrieve. The system displays “Yes” by default on launch of the page.
Effective Period From	The start date of the period during which the asset is covered by the policy (Date Format). Mandatory.

Note: The date entered in this field must be before or the same as the date entered in the “To” field.

To	The end date of the period during which the asset is covered by the policy (Date Format). Mandatory.
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.
Excess Amount	Excess Amount of the policy.
Excess %	Excess Percentage can be entered.

Enter the following fields in the “Asset Selection” group box to search for assets to be included in the policy.

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 the 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 (Decimals). 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 retrieves and displays the following in the “Asset Information” multiline based on the search criteria entered:

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.	The 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.

Modify the following if required in the “Asset Information” multiline:

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 in the “Asset Information” multiline:

Insurable Value	The insurable value of the asset.
Soft Revaluation No	The number identifying the soft revaluation rule that has 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 the assets that you want to remove from the policy, for which you want to calculate the total premium and those you want to add to a temporary list.

Note: At least one asset tag must be selected for deletion

Click the “Delete Tags” pushbutton to remove the assets attached to the list.

The system removes the asset tag from the policy and reduces the policy count for the asset tag.

Click the “Compute Total” pushbutton to calculate the total premium amount due for the assets.

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 the creation of 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 the creation of a policy.

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

Click the “Edit” pushbutton to modify the insurance policy.

The status of the policy is updated as “Fresh”.

The system updates the login ID of the user and the system date in the “Last Modified By” and the “Last Modified Date” fields.

Click the “Edit and Authorize” pushbutton to save the modifications made and authorize the insurance policy.

Status Updation

The status of the policy is updated to “Active”

if “Blanket Payment” has been set to “Yes”.
If “Blanket Payment” has been set to “No” but the payment details have been updated.

The status of the renewal number is updated as “New”.

The system calculates and updates the finance book wise policy premium amounts.

The system updates the login ID of the user and the system date in the “Last Modified By” and the “Last Modified Date” fields.

The system displays the following:

Created By	The login ID of the user who created the policy.
Created Date	The date on which the policy was created.
Last Modified By	The login ID of the user who 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 modify 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 record any additional information regarding the insurance policy.
Select the “Collaborate” link at the bottom of the page to record or to view the observations or comments or discussions regarding the document.

Modifying insurance policy details – An overview

You can modify details like description of the policy, the insurance company that has issued the policy, the amount for which the policy has been raised, the premium amount to be paid to the company and the percentage of the risk covered. If a blanket payment has been made to the insurance company, you can indicate it also. A blanket payment is a flat one-time payment made as a premium for the insurance policy.

You can also upload the asset information from an external source like an MS Excel sheet or an external database. Otherwise, the system will retrieve asset information from the “Asset Capitalization” business component that is deployed in the login organization unit. Once an asset is capitalized it assumes an “Uninsured Tag” status indicating that the asset is yet to be placed under insurance cover. Once the asset is covered by any one of the different policy types, the status of the tag is updated to “Insured Tag” and the policy count is increased accordingly. The policy count indicates at any point of time the number of policies covering the asset.

You can carry out a search for the assets that have not been brought under insurance cover and include them under the policy. You can search based on the class to which the asset belongs, the location of the asset, the group to which the asset belongs, the asset number and its description. You can also carry out a search based on the finance book in which the asset postings have been made, the cost center to which the asset has been mapped to and the status of the asset tag.

This page also allows you to conduct multiple searches and keep track of all the search results in a temporary list. You can view the details of the assets in the list before adding more assets to the insurance policy. This facility is available only if blanket payments have not been made for the policy.

The modified policy can also be authorized in this page if a blanket payment has been made. The system stores the login ID of the user and system date along with the modified details.

What you can do in this page

Set the method for retrieving assets

Set the status of the tags to be retrieved

Remove assets from the policy

Calculate the premium total

Add assets to a temporary list

Retrieve assets from the temporary list

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.

Remove assets from the policy

You can remove assets that have been included in the policy.

Check the box in the “Select” column of the multiline to mark the asset that has to be removed from the list.
Click the “Delete Tags” pushbutton to remove the assets from the list.

The system removes the asset from the policy and reduces the count of the policy accordingly.

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.

Add assets to a temporary list

You can add assets that have to be insured to a temporary list till the policy is authorized.

Check the box in the “Select” column of the multiline to mark the assets that have 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 modifying 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.