Policy Status

The current status of this policy.
Status is actually associated with a particular term of a policy.
Each term of the policy can have a different status.

 Active - Only one term can be active. This status indicates the policy is active and has not yet expired (reached its renewal date).

ActiveNew - This status can be used to manually mark the first term of a new policy(optional and rarely used).

ActiveRewrite - This status can be used to manually mark a policy that has been renewed (optional and rarely used).

Expired - The status of a policy is automatically changed to Expired by Commission Tracker the day after the Term Renewal Date.

Inactive - This status can be used to mark a term of the policy as no longer active. For example, a policy that has been cancelled but you still expect to receive more payments.

Prospect - This status can be used to mark a policy that has not actually been sold to a client. You will need to create a temporary Policy Number if one does not exist.

Terminated - This status can be used to mark a cancelled policy. A Terminated policy will no longer show up in the Accounts Receivable (Aging Report), i.e. the policy has been cancelled and you do not expect to receive any more payments.