Policy Rewrite Vs. Replace

Paulyester

New Member
10
I'm confused as to the definitions of Rewrite vs Replace, especially as you would see the policies in a management system.

I would love to here your opinions.

If you see a policy in your management system with a status of "Rewrite", what does that mean to you?

If you see a policy in your management system with a status of "Replace", what does that mean to you?
 
I tend to use the words interchangeably. so I'm not really sure what the difference is.

this is just a guess. I may be totally wrong.... but to me, "rewrite" refers to a policy that has recently been cancelled. "replace" refers to a policy that is still currently active.
 
I'm confused as to the definitions of Rewrite vs Replace, especially as you would see the policies in a management system.

I would love to here your opinions.

If you see a policy in your management system with a status of "Rewrite", what does that mean to you?

If you see a policy in your management system with a status of "Replace", what does that mean to you?



In my company a rewrite means that it was rewritten from Preferred to Standard or vice versa. Replacement means that it is still written under the same company but something was changed. For example, a CSR wrote what should have been record 2 under its own policy number so later that policy was replaced to reflect record 2 but still underwritten by same company.
 
I'm confused as to the definitions of Rewrite vs Replace, especially as you would see the policies in a management system. I would love to here your opinions. If you see a policy in your management system with a status of "Rewrite", what does that mean to you? If you see a policy in your management system with a status of "Replace", what does that mean to you?

Rewrite - same company, new policy number.
Replace- new carrier.
 
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