Policy Rewrite Vs. Replace

Jan 14, 2016

  1. Paulyester
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    Paulyester New Member

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    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?
     
  2. BlockO
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    BlockO Guru

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    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.
     
    BlockO, Jan 14, 2016
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  3. abkclauren
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    abkclauren Expert

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    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.
     
  4. agentinsouth
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    agentinsouth Guru

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