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How does the Lapses section work?
Group
Question
How does the Lapses section work?
Answer
Left hand side status headings
- Replaced FMI
- Existing policy replaced by another FMI policy
- Replaced Other
- Existing policy replaced by a policy with another insurer
- Non-Payment
- FMI has cancelled the policy because premiums were not paid
- Other Cancellations
- Contact FMI for more detail on this cancellation if required
Right hand side information table (scroll down to view on smaller mobile devices)
- Lapses this month
- Number of lapsed policies in the last 30 days
- Monthly premium
- Total monthly premium of all policies lapsed in the last 30 days
- Claw back commission
- Amount owed to FMI as a result of lapsed policies in the last 30 days
- As and when commission lost
- Total as and when commission that will no longer be earned due to policies lapsed in the last 30 days