In
this session we are going to look at an example of how we deal with Incidents
and Claims. |
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When
an Incident is Reported, we Open the Customer Account and then the Policy on
which this Incident has impact. |
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We
can use the New Incident Function to Record an Incident Initially. |
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We
make a note of who Reported the Incident and then the Details that we have
about the incident. |
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The
Incident is initially Pending and as we can see it is listed as Pending and
we can Re-visit this Incident as it develops, as many times as we have to and
we will only make it Final once a Claim is Paid or Not Paid. |
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In this example I am now
going to Record an Amount of $350 that is approved in Settlement of this
Claim. The actual Payment is
not done here. I am only Recording the fact. The Payment will be done
by Normal Standard Journals and any other Provisions or Amounts in connection
with this incident will also be dealt with by Normal Standard Journals. |
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When a Claim is Paid, as
in this example, then that will also be Recorded as a Claim Paid with the
Date and Reference to the Incident. The Journals for the
Payment and any other Administrational Accounting in connection therewith, is
done by Standard Journals and here we are only Recording the event. |
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To
conclude this particular Incident, I will go and select the Status as FINAL. |
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And the Incident on the
Policy is now listed as FINAL. |