Renewing insurance policy

This page allows you to renew the selected insurance policy. You can search and select assets that can be included in the renewed policy. On renewal of the policy the system updates the status of the expiring policy as “Renewed” and that of the new policy as “Draft” or “Fresh” based on whether a blanket payment has been made. This page also allows you to authorize the new policy during the renewal. The status of the policy is updated as “Active” and that of the expiring policy as “Renewed”. The system also stores the login ID of the user and the system date along with the newly created policy details.

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

The “Renew Insurance Policy” page appears.

Enter the following fields:

Renewal No

A unique code identifying the renewal of the policy (Alphanumeric, 18). Mandatory.

The system displays the following:

Policy No	The code identifying the policy that is being renewed.
Status	The status of the policy. It must be “Active”.
	Active – indicates that the policy has been authorized.

Enter the following fields:

Policy Desc.

A textual description of the policy (Alphanumeric, 40). Mandatory.

The system displays the following:

Insurance Company Code	The code identifying the insurance company that has issued the policy.
Policy Type	The type of the insurance policy.

Enter the following fields:

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. You can select from “Yes” or “No”. The system displays “Yes” by default on launch of the page.

The system displays the following:

Old Policy Amount	The value of the policy that is being renewed.
Old Premium Amount	The premium amount paid for the policy that is being renewed.

Enter the following field:

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.

The system displays the following:

Effective Period From

The start date of the renewed policy period during which the asset is covered by the policy.

Enter the following field:

To	The end 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 after the date available in the “Effective Period From” field.

Enter the following fields in the “Asset Selection” group box to search for the asset that you want to add to the renewed policy. Data entry in the following fields is optional.

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.
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 (Decimal). 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 details of the asset.

The system displays the following in the “Asset Information” multiline based on the search criteria entered:

Note: The system retrieves all the assets that are in the “Active” status.

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.	A textual description of the asset tag.
Tag Status	The status of the tag. It could be “Insured” or “Uninsured Tags”.
	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.

Enter the following field 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 Run No	The number identifying the soft revaluation rule that 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 for which you want to calculate the total premium and those you want to add to a temporary list.
Click the “Compute Total” pushbutton to calculate the premium total of the assets displayed in the multiline.

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 renewing the 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 renewing of a policy.

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

Note: You cannot renew a policy for which payments are yet to be completed.

Click the “Renew” pushbutton to renew the policy.

Status Updation

The status of the expiring policy is updated as “Renewed”.
The status of the renewed policy is updated as “Active” if “Blanket Payment” has been set to “Yes”.
The status of the renewed policy is updated as “Fresh” if “Blanket Payment” has been set to “No” and if the payment details have been updated.

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

Click the “Renew and Authorize” pushbutton to renew and authorize the policy.

Status Updation

The status of the renewed policy is updated as “Renewed”.
The status of the renewed policy on authorization is updated as “Active”

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

The system displays the following:

Created By The login ID of the user who has renewed the policy.

Created Date The date on which the policy has been renewed.

To proceed, carry out the following

Select the “Payment Information” link at the bottom of the page to renewing 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 modify the additional information regarding the insurance policy.
Select the “Edit Insurance Policy” link at the bottom of the page to modify the insurance policy details.
Select the “Collaborate” link at the bottom of the page to record or to view the observations or comments or discussions regarding the document.