Insurance policy type
The
insurance policy type determines if the insurance policy is cancellable or
non-cancellable.
Examples of insurance policy types
1. To create an insurance policy type, navigate to Configuration > Setup > Insurance Policy Type under the “Insurance Policies Section”
2. Please ensure you filter to check the insurance policy type does not already exist before capturing a new one.
3. Click on 
icon to create a new insurance policy type .
4. Complete the details on the page.
Cancellable or Non Cancellable - select if the type is cancellable or non cancellable
Receive
refund when cancelled – If when the policies cancelled a refundable premium is received.
Allow insurer retention – if the
insurer can retain a percentage of the refund if it is cancellable.
Inception Date
Is Required – If
checked then when capturing insurance policy details and this insurance policy typr is used, the inception date will be mandatory to supply.
5. Once the information is provided click on 
button to save the details or if you would like to exit out of this, click on the 
button.
button.