FAQ ID # 150
Last Update : 2012/07/05
Rating : Not Rated
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Question / Issue
What is the process for obtaining a pro-rated premium / endorsement premium on a policy if a change was to be made mid term?

Answer / Solution
  1. Open the saved quote that you want to rate an endorsement for.
  2. When the program asks you if you want to change the effective date of your quote, click on No.
  3. If you want to keep a copy of the original quote in addition to a copy of the endorsement quote:
    • After opening the quote, go to the Quote menu and select Save As New Quote.
    • This will duplicate your existing quote.
  4. Make your changes to the open quote (i.e. change the vehicle).
  5. Rate the quote.
  6. Go to the Quote Breakdown screen.  Make sure that you select the same company that the quote was originally quoted/written with.
  7. Go to the Forms menu and select Endorsement.
  8. On the Endorsement screen, the Endorsement Effective Date: field will default to the current date.  Change this date to the date that the endorsement will be effective, if other than the current date.
  9. The Original Term Premium will display as well as the New Term Premium.
  10. The Original Payment Plan will display and be grayed out.
  11. If the insured would like to finance the additional premium (if the insurance company and finance company will allow it), change the # of Remaining Payments in Term entry.  This will calculate the Additional Down Payment Amount as well as the Additional Monthly Payment Amount on the right side of the screen.
  12. If no financing is desired, enter 0 for the # of Remaining Payments in Term.   The total additional premium will be the value in the Additional Down Payment Amount  entry field.
  13. Once you have completed your entries, you can print this form by clicking on the Print/Preview Endorsement button at the top left of the screen.
  14. To close this screen, click on Exit Endorsement at the top of the screen.
  15. To save this modifed quote, go to the Quote menu and select Save Quote or click on the Save Quote button on the Toolbar.
  16. You will now have the original quote as well as the endorsement quote for the insured under their name once you select it in the Open Quote screen.

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Rate Endorsement additional premium Pro-rate

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