Each New Business record contains a status code that indicates various stages of pending or terminated status. When an application is submitted, the system automatically assigns it a "pending" status. After underwriting has approved the case for issue, the status is changed to "approved." A case must be in an "approved" status before it can be selected for preparation of issue documents.
Once issue documents are created, the status changes to "issued," and the policy can then be selected for inforce processing. A user may change the status to "declined," "withdrawn," or "not taken" to reflect an action that caused the policy not to be placed in force.
FIMMAS provides all the information needed to issue policy pages. FIMMAS calculates all policy values needed for schedule pages, cost index, and disclosure pages. State requirements are user-defined in plan/benefit specifications. FIMMAS supports calculation of current and guaranteed values, and uses plan rules to calculate the scheduled termination date of policies and riders.
Policy and certificate production is managed through the FIMMAS Correspondence module. Information from New Business files and plan definition files is integrated with policy print routines, standard wording, and rules for incorporating variable data into policy print. FIMMAS Correspondence integrates with standard word processing packages to create high-quality output with logos, signatures, graphics, bar coding, or special formatting. Policies can be issued immediately, or as part of regularly scheduled batch processing.
Once issue documents are created, the system automatically changes the status to "issued," and the policy can be selected for inforce processing. All required master files and history files are updated when an application is placed in force.
Duplicate copies of a policy can be printed or emailed, if needed. FIMMAS stores the original policy in the correspondence logs of the word processing package used to create the policy. Any authorized user can request—from with FIMMAS—that a duplicate copy be printed from the original. User-defined rules govern the generation of duplicate policies or certificates.