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Policy Status

Overview

The Policy Status indicates the current standing of a specific policy term. Because status is associated with the Term, each term can have a different status.

🚦 Status Definitions

  • Active: Indicates the current, in-force term.
  • ActiveNew / ActiveRewrite: Optional manual statuses for new or renewed terms.
  • Expired: Automatically set by the system the day after the Renewal Date.
  • Inactive: For cancelled policies where trailing payments are still expected.
  • Prospect: For policies not yet sold.
  • Terminated: For cancelled policies where no further payments are expected.

📅 Termination Logic & A/R

Policies marked Terminated use the Termination Date to filter the Accounts Receivable report:

  • Billing Date > Termination Date: Hidden from A/R.

  • Billing Date <= Termination Date: Appears in A/R (Expected).

🖼️ Term Example

Policy Term Status Example

💡 Best Practices

  • ✅ Verify Dates: Ensure the Term Renewal Date is correct to maintain the proper "Active" status.
  • ✅ Manage Revenue: Use the Termination Date to accurately reflect what is still owed to the agency versus what has been cancelled.

📧 support@commission-tracker.com