Additional FAQ Resources
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      1. Momentum AMP Support Center
      2. Additional FAQ Resources

      Cancel A Policy Where Only Commissions is Being Sent

      Step 1: Navigate to the Policy

      1. Open the insured’s profile in Momentum AMP.
      2. Locate the policy you wish to cancel.

      Step 2: Begin the Cancellation

      1. Click on Actions in the top right corner.
      2. Select Cancel Policy from the dropdown menu.

      Step 3: Set Cancellation Details (Example Scenario)

      1. The cancellation date will automatically prefill with today’s date. If necessary, override it with the desired date.
        • Example: For this scenario, use today’s date as the cancellation date.
      2. Verify the billing type.
        • Example: Ensure it is set to Agency Bill with Outside Financing.
      3. Enter the Return of Premium:
        • Example: Input $5,000.
      4. Include applicable taxes in the transaction:
        • Example: Add taxes or fees that need to be returned as part of the cancellation. In this case, taxes total $100.

      Step 4: Generate the Transaction

      1. Once all details are entered, click Generate Transaction to finalize the cancellation.

      Step 5: Review and Adjust Receivables (Example Scenario)

      1. Review the cancellation transaction details.
      2. Remove any unnecessary receivables that are not part of the transaction.
        • Example: The only transaction needed is the Direct Bill for Financing.
      3. Ensure the Direct Bill for Financing is accurate and includes all adjustments.
        • Example: In this case, the total is $5,100 (return premium + applicable taxes).
      4. Make any necessary adjustments to align the transaction with the details provided by the carrier.

      Step 6: Issue Payment (Example Scenario)

      1. Navigate to the Documents section.
      2. Select Issue Payments.
      3. Create a new invoice and direct it to the finance company.
      4. Example: Ensure the Net Commissions option is selected when processing the payment.

      Step 7: Reconcile the Transaction

      1. Verify that all transaction details, receivables, and payables are accurate and align with the system’s records.
      2. Once payment is processed, the system will automatically reconcile the commissions.

      Final Step: Support

      This is just an example scenario to demonstrate the process. If you have specific questions or require additional help, don’t hesitate to reach out to our support team. We’re here to assist you!