Issuing Basics
This means the policy has been approved and can be issued or sent to the client and or agent depending on the delivery method.
What is issuing a policy?
To issue a policy In-Force, all requirements except Weekly Follow-up and certain Delivery Requirements must be in this status.
What is Reviewed status?
Many BGA partners typically use this issue method instead of issuing In-Force.
What is Issue Not In-Force or INIF?
If the issue date and draft date match and enough premium is already on file, the policy can be placed in this status.
What is In-Force?
During Pending Issue training, this payment topic is reviewed on the Phone Team OneNote.
What is ACH, or Automated Clearing House?
There is no special form for this; the agent can respond in the Pending Business Tracker or advise verbally.
What is the Acceptance of Offer?
Besides reviewed requirements, this must also be collected before the policy can be issued In-Force.
What is the premium needed to issue the policy?
When a policy is issued not in-force, this becomes the effective date.
What is the day the policy goes to Final Action?
If the draft date is after the issue date, this many months of premium- are automatically needed to cover the gap in coverage.
What is two months of premium?
The Cash Management video helps case managers understand this money-related topic.
What are money and refunds?
Before issue, this must be confirmed so the team knows whether the case will be issued In-Force or INIF and whether the delivery will be ePolicy or paper.
What is the issue method?
Policies that require these will show as In-Force Outstanding until they are received.
What are Policy Delivery Receipts?
For INIF, Nationwide requires all documents be completed in good order and returned within this man days of the issue date.
What is 30 days?
When a case is issued INIF, this extra amount may be required in addition to current premium.
What is an additional month of premium?
Upon approval, the policy moves into this status before delivery and issue requirements generate.
What is Pending Issue status?
If the delivery method changes after issue, this may required, or the policy could need to be reissued.
What is an exception?
With this partner, it is most common for the policies to be issued In-Force.
What is WFG?
For an INIF case, Nationwide requires all of these to be completed in good order and returned.
What all all documents (or outstanding actionable requirements)?
In the example where a policy was issued on the 15th of last month and requirements came in on the 9th of this month, this many months of premium were needed.
What is two months of premium?
This action item generates for the Case Manager when the policy enters Pending Issue.
What is Communicate Offer?
After Final Action Review, the policy moves here so it can be checked to make sure it is IGO.
What is Quality Control, or QC?
For WFG, if a delivery receipt is not received within this many days, the Case Manager can set the policy to In-Force Complete and distribute Commissions or remaining commission if Commissions were advanced.
What is 45 days?
This generated requirement is used to place the case INIF and should not be listed as a needed requirement to the producer.
What is Pending Issue Requirements?
If the amount needed to issue is $9.99 or less, the Case Manager can use this.
What is Petty Cash?
The underwriting offer is generally valid for this many days.
What is 60 days?