Underwriting      •       Risk Sharing Pool Eligibility            Risk Sharing Pool Transmission Errors          Finance and Accounting

Updated June 5, 2006

 

Q. Duplicate Original Entry for this risk, Error “070”

A. This error is caused when a transaction code A, B, C D or E has been transmitted to the Pool for a risk that has already been accepted with the same company, policy and vehicle number, transfer and expiry date. In order to correct this you will have to proceed with the following steps:

  • If the risk was rejected you will have resubmit the entry as Special Handling with the corrected information. Please refer to the Procedures Manual for Special Handling details: http://www.facilityassociation.com/manurepprod.asp
  • If the risk was originally accepted with the incorrect information you will have to cancel the risk flat with the incorrect information using transaction code “3” and then resubmit as Special Handling with the corrected information using the original transaction code. Refer to the Procedures Manual for details at: http://www.facilityassociation.com/manurepprod.asp

 

Q. This transaction has reduced part of the coverages in force without the Mandatory coverages. Error “078”

A. This error is caused when a risk is being cancelled transaction code “3” removing all the mandatory coverages and leaving other coverages in force. When a risk is cancelled all coverages must be removed. If for some reason there is no return premium on any one coverage you must report the coverage with zero premium.

 

Q. Transfer or Expiry Date is Out of Range of Original Error “074”

A. This error is caused when a subsequent entry Transaction Code “3” or “9” is transmitted with a Transfer or Expiry different from the Original entry for the same Company/Policy number that has been accepted in the Pool.

This error is usually caused by the incorrect Policy Number, Vehicle Number or Transfer/Expiry dates of the original entry.

 

Q. What is Written Car Years and Earned Car Years?

A. Written Car Years is Written Exposure. Earned Car Years is Earned Exposure.

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