A Premium Adjustment retains all the characteristics of a Financial Adjustment in terms of being a one-off change in the Financials of a non-current Policy without interfering with the normal policy lifecycle, but contrary to the Financial Adjustments, it can be used to amend many different aspects of the policy maintaining all the usual JAVLN calculations for commissions, taxes, etc.
To complete a Premium Adjustment, carry out a policy search as usual. Then from the Action bar sub menu select the appropriate option.
If the option is not highlighted, then this type of adjustment can't be made to the version selected, and the reason for it can be shown.
By clicking the appropriate option, you will be directed to the Create Adjustment page, where a message confirms the creation of the adjustment.
To proceed with the amendments, click EDIT from the Action Bar.
Note that after the confirmation screen, by pressing EDIT in the action bar you will be directed to the Edit Policy Screen and all the usual tabs of a Multiquote can be found here.
The same considerations regarding the signs of the values that were explained for the Financial Adjustment, still apply here.
(Click here to know more about positives and negatives)
Proceed with the changes. Similarly to the Financial adjustment, remember to enter just the offset values for the adjustment, and not the usual total policy values.
When done, click SAVE.
Check the financials tab to preview the effects of the adjustment.
Once satisfied with the results of the Financials Tab, click ACCEPT.
The Premium Adjustment is now posted and the relative transactions are now visible in all the relevant accounts.
Similarly to the Financial Adjustment, this Premium Adjustment inherits the date of the original Policy, so its entry in the Transactions list might be hidden due to the Automatic filtering.
When a premium adjustment is created but left unposted, it is possible to update it at a later stage.
The process is the same used for unposted policies.
After it is selected from the Policy search screen, press the update button in the action bar.
You will be redirected to the edit policy screen, ready to proceed with the changes.
Premium adjustments can be deleted, if still unposted, via the delete link in the submenu.
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article