This facility allows for the processing of a service request where a premium is outstanding for a debit order member and the policy is in force for less than 18 months or the policy is in force for longer than 18 months.
Note:
When a My Work Service Request is created with a Process Name of PAID UP POLICY, the system will enforce the capture of an External System Reference number (Sybrin number). For more information refer to
My Work
Create Service Request
Policy in force less than 18 months
In the Lapsed Letter Batch Job, the system will read the JUA5 where the Account is Contribution and the Accounting Activity is SFCONTRIB BT.
If the Due Date of the earliest SFCONTRIB BT (date of commencement of the policy) is less than or equal to 18 months prior to the Date of Last Payment, the system will calculate the Surrender Value as at the Start Date of the Membership Status of PAID UP plus 2 months. The system will read the Benefit Package for the Benefit Event of SURRENDER for the Benefit Membership Group to which the Membership is linked and with a Calculation Effective Date of the Start Date of the Membership Status of PAID UP plus 2 months and store the result to be retrieved for the Document Tag SURRENDER VALUE when the PDF Document is created.
The system will read the PDF Template with a Process Type LAPSE NOTICE<18 and create a PDF Document for each membership. A Policy Lapse control record will be created for each Membership with an Effective Date equal to current date and Status of P (Processed).
For more information refer to
My Work
Process SR
Exits / Withdrawals
Supplements
Tags
Endowment Product
Tags for Member (Lapsed Notice)
Policy in force longer than 18 months
In the Lapsed Letter Batch Job, the system will read the JUA5 where the Account is Contribution and the Accounting Activity is SFCONTRIB BT.
If the Due Date of the earliest SFCONTRIB BT (date of commencement of the policy) is greater than 18 months then the system will read the PDF Template with a Process Type LAPSE NOTICE>18 and create a PDF Document for each membership. A Policy Lapse control record will be created for each Membership with an Effective Date equal to current date and Status of P (Processed).
If the Status of the Policy Lapse Control record is P (Processed) and the start date of the Membership Status of PAID UP plus the value for the GRACE PERIOD Scheme Parameter is equal to or less than current date i.e. two or more premiums have been unpaid for longer than the grace period of two months within which the policy can be re-instated, the system will retrieve the Business Transaction (BT) in the Member’s CONTRIBUTION account with an Accounting Activity of SFCONTRIB and with the earliest Due Date. If it is greater than 18 months then the Membership Status will be set to PAID UP and a My Work Service Request with a Process of PAID UP POLICY and an Activity Name of NOTIFY POLICYHOLDER will be created. The Status of the Policy Lapse Control record will be update to C (Completed).