Policy Loan and Surrender Records for Life Insurance Advisors
Clients sometimes ask for a loan on a policy, a surrender value or a paid-up status. This module keeps each such request against its policy, with the insurer’s reply and the next step.
Requests the record can hold
Who handles these requests
The advisor takes the first call and explains the options to the client. The desk gathers the forms and sends them to the insurer. The owner reads the open requests to see which are waiting on the insurer and which on the client.
Where it leads next
An approved surrender or paid-up conversion changes the policy status in the register and stops its premium dues. A loan stays on the policy. Commission lines are checked later against the new status, so that a surrendered policy is not chased for renewal commission.
What the agency sets up
- Request types your agency tracks, if more than these
- Forms the insurer expects with each type of request
- Who may update a policy status after an insurer’s reply
- How the client is told when the request is decided
What this module does not do
It does not sanction a loan or work out a surrender value, which are the insurer’s figures. It does not advise a client to surrender. Tax on a surrender or a loan is for the client’s accountant to advise on, not the software.
Frequently asked questions
Does it calculate the loan eligible on a policy?
No. The insurer quotes the loan and the surrender value. GullySystem stores what the insurer said, the date it said so, and who at the agency took the call.
Is the loan balance shown on the policy?
Yes, as a note beside the policy, taken from the insurer’s statements. It is the record of the agency, not a ledger.
Can a surrender change the policy status?
Yes. Once the insurer confirms, the desk sets the status to surrendered or paid-up and the premium dues stop.
Are old requests kept?
Yes. Each request stays on the policy with its dates, even after it is closed.
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