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:
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Decline by screening
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Withdrawal
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Insured death
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Closed by Claim
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Cancelled by client
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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:
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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.
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Inside the Settings menu, click on Cancellation Reason Types. The Cancellation Reason Types List page is displayed.
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In the Cancellation Reason Types List page:
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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.
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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.
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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.
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FAQs
Cancellation Reason Types
- Decline by screening.
- Withdrawal.
- Insured death.
- Closed by Claim.
- Cancelled by client.
- Cancelled.
Examples of cancel reasons include: Event No Longer Happening. Room Requirements Changed. Found More Affordable Venue.
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 types of cancellation? ›
There are three common cancellation methods of cancellation: pro-rata, short-rate, and flat rate.
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)
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.
What is an example of canceling? ›
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 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.
Get straight to the point and state that the purpose of the email is to inform them about a service cancellation. Briefly explain why the service is being canceled without going into unnecessary detail. Offer a sincere apology for any inconvenience caused. Provide alternative options, such as rescheduling or refunds.
We regret to inform you that your order #[Order Number] for [Product Name] has been canceled. Unfortunately, this item is currently out of stock and we are unable to fulfill your order at this time. We apologize for any inconvenience caused.
How to professionally cancel a meeting? ›
If circ*mstances necessitate canceling a scheduled meeting, promptly notify participants via email. Clearly state the reason for cancellation, express regret, and provide any necessary context. Include details about the new date and time if the meeting is rescheduled.
What's a nice way to cancel plans? ›
7 expert tips for how to cancel plans at the last minute
- Accept that your excuse or reason might not be well-accepted. ...
- Call, don't text. ...
- Apologize upfront. ...
- Offer to reschedule. ...
- Avoid posting publicly on social media after you cancel. ...
- Be understanding when they have to cancel plans last minute, too.
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 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.
