What is the difference between rewrite and reissue?
The Cancel/Rewrite and Cancel/Reissue workflows are the same except that Cancel/Rewrite generates a new policy number and lets you change the policy dates. Cancel/Reissue maintains the same policy number and policy dates.
What does rewrite mean in insurance?
Cancel and Rewrite — refers to an insurer's cancellation and reissuance of the same policy. Typically used to switch a policy renewal to a new date.
What is reissue in insurance policy?
You can cancel and rewrite, or cancel and reissue, a policy to make a change to the information. These workflows copies the existing policy information so that you don't have to enter the data again.
What are the benefits of reinstating an insurance policy instead of buying a new policy? Reinstating a policy without a lapse means you have continuous coverage and will not incur a fine or be required to maintain an SR22. This is usually an option if you are within 30 days of the cancellation date and you have not had an accident. Most companies will require you to sign a “Statement of No Loss” and pay a reinstatement fee but the reinstatement fee is a lot less than the penalities ...
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[PDF] MASSACHUSETTS WORKERS' COMPENSATION POLICY DATA
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