AIM Notice of Cancellation and Rescind Notice of Cancellation

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TABLE OF CONTENTS

Notice of Cancellation and Rescind Notice of Cancellation

The following steps describe how to process a notice of cancellation in the database. This process is divided into two workflows: 1. Brokerage Teams 2. Binding Authority Teams. Please refer to your applicable section for Instructions. This step is important so Premium Accounting can alert you if payment is received on a policy with notice of cancellation.

Brokerage Market NOC

If the Market Company issues a Notice of Cancellation:

1. Import the notice of cancellation into ImageRight. This is a required document in ImageRight.

2. In AIM, search for the policy in the Main view. Click Submission|Misc|Status Change.

3. In the Submission Status Change screen, select Policy Pending Cancellation (PCX) in the New Status drop-down list. This allows accounting to advise that payment has been received.

4. Click OK. The system will update the status on the account to Pending Cancel.

5. Email the notice of cancellation to the retail agent.

Brokerage Market Reinstatement

Once the Market Company issues a Reinstatement Notice:

1. Import the rescission notice into ImageRight. This is a required document in ImageRight.

2. Search for the policy in the Main view. Click Submission|Misc|Status Change.

3. In the Submission Status Change screen, select Policy In Force (PIF) in the New Status drop-down list.

4. Click OK.

5. Email the notice of cancellation to the retail agent.

Binding Market NOC

This is when RT has the authority to Issues Notice of Cancellations:

1. Import documentation for issuing notice into AIM & ImageRight. This is a required document in ImageRight.

2. Search for the policy in the Main view. Click Policy|Policy Cancellation|Issue Notice of Cancellation.

3. In the Process Notice of Cancellation screen, enter or select the cancel effective date and time.

4. The day the NOC is going to be sent to the Insured/Agent, select the date.

5. In the Requested By and Reason fields, select the appropriate option.

6. If appropriate, enter the Amount Past Due and Due Date.

7. In the Cancellation checkboxes, select all that apply. These options are included on the notice of cancellation template.

Your insurance will cease at and from the hour and date mentioned above
Policy will expire and policy will NOT be renewed
Cancel for Non-Payment
Cancellation w/Reason
- If you select Cancellation w/Reason, type a brief explanation of the cancellation reason in the text box. This explanation will be included on the NOC.

8. Click OK.

9. In the Document Processing window, review and edit the Notice of Cancellation template. Once you have reviewed; email the notice to the retail agent.

10. In AIM, close the Document Processing window.

11. The system will update the status on the account to Pending Cancel.

Binding Market Reinstatement

Once all compliances are met, RT can rescind the Notice of Cancellation:

1. Import documentation for issuing rescission into AIM and ImageRight. This is a required document in ImageRight.

2. Search for the policy in the Main view. Click Policy|Policy Cancellation|Rescind NOC.

3. In the Document Processing window, review and edit the Reinstatement template. Once you have reviewed; email the notice to the retail agent.

4. In AIM, close the Document Processing window.

5. The system will update the status on the account to Policy In Force.

Version 8, 10/7/2022

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