General, MTA, Create
An “MTA” is
a mid-term adjustment of an existing general insurance policy, for example, to
add an extra driver to a motor policy, an item of jewellery on a household one,
or to terminate a policy early. Two important points are that for any one given
policy…
- You cannot start a second MTA
until you’ve finished the first
- You cannot start a renewal
while an MTA is still pending
So you are
advised to complete an MTA (either by “taking it up” or by deleting it) as soon
as possible. To check for incomplete MTAs, see “Policies, Filtered Views”.
To create
an MTA for an existing policy, starting from Durell’s Main Menu…
·
Click
the “Policies” button
·
Highlight
the policy in question (e.g. by scrolling to it, or using the “Binoculars”
button to find it)
·
Either…
o
Click
the “Signpost” button
o
Click
“General / Mid-term adjustments / New”
·
Or…
o
Click
the “New” (or “Starburst”) button
o
Click
“MTA for current policy
o
Click
“OK”
This will
cause a duplicate version of the policy record to be made, which you can then
edit with regard to the adjustment in question (e.g. change the vehicle, add a
driver, etc). Note that you can distinguish between the base policy and the MTA
version by the policy title, at the top centre of the screen, as shown below.
In contrast
to the rest of the MTA record, the premium screen will be blank, as this only
relates to the change in question. The amount of premium entered may well be
NEGATIVE, for example after downgrading to a lower specification vehicle. For
details on how to enter premiums see “General, Premium, Enter”, “General, Premium, Insurer’s
VAT”, “General,
Premium, Charges and VAT”, “General,
Premium, Commission”, “General, Premium,
Commission Refunds” and “General, Premium, Payment
Methods & Date”.
After
entering the premium, when you click the black “Curve-right Arrow” key to move
onto the posting screen you’ll be presented with a “Take-up Mid Term
Adjustment” dialogue, like that below.
If you
don’t want to take-up the MTA at this point simply click “Cancel”, then save
and exit from the MTA record. If you do want to immediately take-up the MTA
then see “General, MTA, Take-up”.
Align MTA
Instalments
An extra
feature on the Premium screen unique to MTAs is the ability to align the invoice
dates of MTA invoices with those of the parent policy. For example, you might
have a marine policy with a premium of £40,000 which is to be paid in four
quarterly instalments. Subsequently you need to issue an MTA that increases the
sum by £4,000. By ticking the box “Align MTA to parent policy” on its “Instalment
Details” pop-up, as shown below, the combined quarterly invoices for £11,000
will fall on exactly the same dates.
