Insurance Transactions - Update SI & FAP

Modified on Thu, 09 Nov 2023 at 10:20 AM

TABLE OF CONTENTS


Introduction

When posting Insurance Amendments, users can decide if they wish to update the Active Policy Sums Insured (SI) and Future Annual Premium (FAP). The user has the option to update the SI and FAP on the Active Policy (transaction from where the amendment was copied) by clicking on the Update SI-FAP button. 


How the Function Works

Some examples are explained below:

Example 1

An amendment, I-AP 122, is created from transaction I-N 123 (the Active Policy). When posting the 

amendment the user did not click on the Update SI-FAP, thus the SI and FAP on transaction I-N 123 

was not updated remaining at 150,000.00 and 175.00 respectively. 

On renewal the system will show an SI of 150,000.00 and FAP of 175.00 on I-N 123.


Example 2

An amendment, I-AP 124, is created from transaction I-N 123 (the Active Policy). When posting the 

amendment the user clicked on the Update SI-FAP, thus the SI and FAP on transaction I-N 123 was 

updated to read 195,000 and 205.00 respectively. 

On renewal the system will show an SI of 195,000.00 and FAP of 205.00 on I-N 123



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