How to add a payment coupon to a policy

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Payment coupons are issued to policyholders when they are granted a payment holiday. 

A payment holiday relieves a policyholder from paying one or more of their monthly premiums in the month that the premium is due. Payment holidays do not relieve the policyholder from settling outstanding premiums after the payment holiday. 

A payment coupon is issued when a payment holiday is granted. One payment coupon results in premium collection being delayed by one month. If a payment holiday is granted for more than one month, a payment coupon must be issued for each month that the policyholder is granted a payment holiday.

 

Example

Sally has requested a three month payment holiday. The responsible agent will need to add three coupons to Sally’s policy.

A payment holiday is granted and a payment coupon is issued as follows:

  1. On the policy, click Payments.

 

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             2. Click Actions.

             3. Click Request payment holiday.

 

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              4. Fill in the relevant information for the payment holiday:

            • Schedule for the month of - the month of the payment holiday being granted
            • Reason - specify the reason for granting the payment holiday

 

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               5. Click Create.

The payment coupons will reflect under the Coupons section of the policy. Once a coupon has been created, it cannot be cancelled.

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