Updating ACA Insurance

[ameneses54]

Considering that all policies if not intervened will terminate on December 31 and or renew automatically, I'd like to know what happens if you modify data (life events, income etc.) prior to this date and keep the same policy.
Will the policy be considered a renewal or a new one? Obviously this has immense repercussion on the commissions.

 

[RayNY]

Same policy, or any policy within the same company, is treated as a renewal as long as the Primary Insured does not change and there is no lapse. This is what my rep said, but your carrier may be less lenient. Ask your rep.

A move, birth, death, change in income, etc. are all "policy changes", not a term and rewrite (which would be a new policy: new eff date, new ID numbers).

A change mid-year (so long as the primary insured isn't changed) is unquestionably not a new policy, and renewal of the now modified policy into the same plan would be a renewal, not a new case. I'm very sure of that.

The question came up because a carrier here cut all comp on Platinum products for new sale, but is paying for renewals. Of course, I quizzed the hell out of the rep for what is considered a "renewal", and the above is the response I received.