Premium Reversal

Premium Reversal is the activity that is used to reverse the premium that is applied to the contract due to various reasons such as account closed, insufficient funds, stop payment or payment unauthorized.

To add this activity, open the term policy and select Add Activity from the Secondary menu. Select Premium Reversal from the activity drop down box. Then enter the necessary information and select OK. The activity will be listed on the Activity screen with a lightning bolt icon next to it. Click the lightning bolt icon to process the activity.