The Cancellation Reason Types configuration is used for the Policy Admin module. This setting triggers the calculation for Requested End Date and Final End Date fields during a policy surrender process.
For the Personal Accidents product, the following reason types are already set using the Cancellation Reason Types functionality:
-
Decline by screening
-
Withdrawal
-
Insured death
-
Closed by Claim
-
Cancelled by client
-
Cancelled
Cancellation Reason Types can be added, edited or deleted. In order to do so, take the following steps:
To add a new record into your Cancellation Reason Types configuration list for your insurance module, follow the steps:
-
Open your FintechOS portal and click the main menu at the top left corner. The main drop-down opens. From the drop-down choose Settings.
-
Inside the Settings menu, click on Cancellation Reason Types. The Cancellation Reason Types List page is displayed.
-
In the Cancellation Reason Types List page:
-
To Add a new record, click Insert, at the top right corner of the page. Use the pop-up window to insert the Name of the bank holiday and the date selector to set the invariant Date.
-
To Edit a record from the grid, double click it and use the edit window to insert your updates. Click Save at the top right corner of your screen.
-
To Delete a record from the grid, select it and click Delete, at the top right corner of the page.
NOTE The Cancellation Reason Types details are stored by the FTOS_INSPA_CancellationReasonType entity.
Copyright © FintechOS . All rights reserved.
FAQs
For example, "product no longer available", "change of mind", and so on.
What is an example of a cancellation reason? ›
For example, "product no longer available", "change of mind", and so on.
What are the different types of cancellation in insurance? ›
There are three common cancellation methods of cancellation: pro-rata, short-rate, and flat rate. Pro-rata cancellation refers to policy termination earlier than its maturity, either at the request of the insured or at the behest of the insurer.
What is a good reason for cancelling an order? ›
“I changed my mind” is the top reason for cancelling an order, according to Statista. High shipping costs and long delivery time are other popular reasons. Customers cancel orders because they feel buyer's remorse, usually immediately after they hit “buy”.
What is a good reason to cancel a membership? ›
Top 7 Subscription Cancellation Reasons
Customers cancel their subscriptions for many reasons, from experiential issues and dissatisfaction with the product/service to changing economic situations and even outgrowing a product/service requirement.
What are the three types of cancellation? ›
Cancellation methods are typically calculated using an online wheel calculator, a type of circular slide rule.
- Pro rata.
- Short Period Rate (old short rate)
- Short Period Rate (90% pro rata)
Verb The event was canceled at the last minute when the speaker didn't show up. We canceled our dinner reservation. My flight was canceled because of the storm.
How do you explain cancellation policy? ›
What is a cancellation policy? A cancellation policy is a written agreement between a service provider and their client that clearly defines consequences, typically a fee, if the client cancels the appointment. The fee is either a percentage of the total cost of service or a fixed amount.
How do I write a cancellation for my insurance policy? ›
Dear Sir/Madam,
I'm writing this letter to bring to your notice that I would like to cancel my personal health insurance policy due to the below mentioned reasons. I have attached cancelled cheque leaf to process the refund of premium after the personal health insurance policy cancellation is done.
What is the common cancellation clause? ›
A good and common contract cancellation clause example is in insurance contracts, as it details how a policyholder can cancel their contract with the insurer. Importantly, it also describes how a policyholder can lose the coverage the policy gives them if they do not abide by what the policy stipulates.
Provide a brief reason for the cancellation.
You should also clarify why you are cancelling the membership or subscription in one brief sentence. You do not need to provide an elaborate reason, only provide context for the cancellation.
How do I cancel an order respectfully? ›
How to write this order letter:
- State that you need to cancel an order and offer a reasonable explanation.
- Provide sufficient information for the reader to identify your original order.
- Adjust any payment arrangements.
- Express apologies and appreciation, as appropriate.
Dear Sir/Madam, I am writing this letter to inform you that I am cancelling the order of 50 single-lined notebooks. I request for a full refund for the above mentioned order. I regret to inform you that the order delivered earlier was of cheap quality.
How do you cancel professionally? ›
Canceling a meeting professionally is crucial to maintaining a positive and respectful business environment. Begin by notifying participants well in advance, and providing a clear reason for the cancellation. Express regret for any inconvenience and offer alternative dates or propose a rescheduled meeting.
How do I cancel without giving a reason? ›
If you have no real excuse, omit a reason rather than lying
If you really feel like you have to stretch the truth, keep it general rather than fabricating a story by saying something like, “I'm so sorry this is last-minute, but I'm unfortunately not going to be able to make it,” Jackson advises.
What is a good sentence for cancellation? ›
Examples of cancellation in a Sentence
The storm caused delays and flight cancellations. Notice of cancellation should be given 30 days in advance. There is a fee for cancellation.
How do you write a cancellation statement? ›
How to write a cancellation letter for an event
- Format the letter or use a letter template. ...
- Identify the specific event you're referencing. ...
- Thank the guests for their understanding. ...
- Provide information about rescheduling. ...
- Inform recipients about potential refunds. ...
- Conclude and sign the cancellation letters.
Example of Email Body:
I am reaching out to inform you that, unfortunately, we must cancel the [Service Name] that was scheduled for [Date]. This is due to [brief reason for cancellation], and we understand this may disrupt your plans. We sincerely apologize for any inconvenience this may cause.
What is the correct way to write cancellation? ›
The word cancellation is solidly spelled with two l's, no matter where you are.
