Navigation:  Loan Screens > Insurance Screen Group > Policy Detail Screen > Policy Information tab > Cancellation Information field group > Cancellation Reported

Entry: User, date

F/M: Yes

Mnemonic: INLRPD

Screen: Loans > Insurance > Policy Detail > Policy Information tab

 

Use this field to indicate the date the selected insurance policy was reported as canceled to an insurance company. This field is only used in connection with insurance companies designated by GOLDPoint Systems.

 

When a new policy is canceled, this field should be left blank. At the end of the month, the system will check for canceled policies using the Cancellation Date. If there is an indicated Cancellation Date and this field is blank, the policy will be included in a transmission and the date of transmission will automatically be entered in this field. In the following month, the policy will not be reported.

 

This date is used to determine when to send the policy information, rather than the month the policy was canceled. This allows your institution to cancel a policy effective for a prior month (backdate the cancellation) and still be able to report the cancellation several months after the cancellation was effective.

 

Warning: This is a required field in reporting canceled policies. If this field is left blank, the cancellation will be included that month on a transmission and could result in your institution receiving duplicate refunds.