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Quick Reference Policy Dating
Updated over a year ago

Summary of Tool:

Use this sheet for rules for policy dating by carriers


AMGN -

Policy date is post dated 21 days after ISS and 30 days in CA. Same rules if cases were bound - Amgn will draft 1st payment immediately

BANR/WPEN -

Policy date is post dated 21 days on no binder policies. If case is bound, policy date will match issue date. If clients sign delivery forms prior to poicy date, case will be inforce and active. EX: If Policy date 6/30, client esigned on 6/20, case will INF but money will not be drafted until 6/30

LINC-

Policy date will equal received date of the del reqs (if received 29th-31st, policy date will be the 28th)- Same rules if cases were bound. LINC will draft 1st payment immediately

PACL -

PACL does not pre-assign a policy date unless the case was originally written to Save Age.

If current date/current age: The policy date is the client's signature date on the Policy delivery Acknowledgment (PDA) form.

If backdate/save age: A back dating notice will be embedded with policy to for client to elect A) accept backdating or B) Reissue policy at current date (price may go up)

  • No future-dating is allowed. Same rules if cases were bound. PACL will draft 1st payment immediately

PROT -

  • If there is no money on file the policy will be dated thirty days after the policy issue date.

  • If there is money on file or if we have permission to either draft initial premium or charge to a credit card on file, the policy will be dated fifteen days in advance.

  • All EPD policies will be dated fifteen days in advance as it is understood that the initial premium will either be drafted or charged to a credit card.

  • We can only forward date the effective date 30 days from the day of request.

  • The save age date cannot be more than six months prior to the application signature date

    • Example: If the application was signed on 9/1 the policy cannot be dated prior to 3/1

PRUC/PRNY-

Non binding cases, policy date will equal date client signed the delivery receipt (Policy at a Glance), our system will not get updated. PRUC/PRNY will draft 1st payment immediately

Binding cases (LTIA) - Limited Temporary Insurance Agreement

  • If the ISS date is within 21 days of the binder date, the policy date WILL equal the binder date

  • If the ISS date is between 22-60 days of the binder date, the policy date is BACKDATED to 21 days PRIOR to ISS date

  • If the ISS date is more than 60 days after the binder date, the policy date will equal client’s policy at a glance signature date (date they signed)

If more than 1 month is needed due to save age, the first month will be drafted immediately, then PRUC will mail a welcome letter to client indicating total amount due (due to save age) and it will be drafted in the following 2 weeks (from the date the 1st premium is drafted)

  • Note- Prudential drafts 1st payment at ARS date if bound so it there will be balance due

SYMT-

Policy date is INF date (date of payment)- 1st payment will draft immediately after the client signs the delivery forms

UOMH -

Policy date will equal the issue date. Same rules if cases were bound- UOMH will draft 1st payment immediately. Please refer to this cheatsheet for CC rules


Reminders:

  • The rules aforementioned are for CURRENT AGE policies, if SAVE AGE, review the policy date listed in ARC to inform clients so no surprises on how much money will be drafted

  • Money WILL be drafted once clients esigned/carrier received completed forms, if clients want a specific draft date, it will kick in after the 1st payment (refer to delivery cheat sheet for more details (column F)- Click here for Delivery Cheatsheet

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