Notification of Insurance Processing Sample Clauses
Notification of Insurance Processing. Electronic files, or other medium agreed between the Parties, in agreed format containing new business, cancellations, mid-term adjustments, premium payments and customer details for bulk premium, periodic premium, single premium and reinsurance products. Notification of Insurance Processing also includes correction of errors passed back to GECC for resolution. Processing Month End – The period within the GEFA Group for which Insurance Processing is Confirmed. This follows a predefined accounting schedule of month ends, normally occurring on the last or second to last Friday in the calendar month, which GEFA will notify to GECC annually at the beginning of the year for the whole year. Pending – Unconfirmed new business and cancellation records, which suffer validation errors and warning messages. Pending List – A list of Notification of Insurance Processing that was not confirmed and put live on the GEFA administration system as at the Processing Month End.
Notification of Insurance Processing. Electronic files, or other medium agreed between the Parties, in agreed format containing new business, cancellations, mid-term adjustments, premium payments and customer details for bulk premium, periodic premium, single premium and reinsurance products. Notification of Insurance Processing also includes correction of errors passed back to GECC for resolution. Processing Month End - The period within the GEFA Group for which Insurance Processing is Confirmed. This follows a predefined accounting schedule of month ends, normally occurring on the last or second to last Friday in the calendar month, which GEFA will notify to GECC annually at the beginning of the year for the whole year. Pending - Unconfirmed new business and cancellation records, which suffer validation errors and warning messages. Pending List – A list of Notification of Insurance Processing that was not confirmed and put live on the GEFA administration system as at the Processing Month End. Processed - The Notification of Insurance Processing has been Confirmed or Rejected or is Pending and Pending and Rejected data have been passed to GECC for correction. Processing Month - The month GEFA has received the Notification of Insurance Processing from GECC to process. Reconciled/Reconciliation – Notification of Insurance Processing which is allocated to one of the following categories (and communicated back to the client within agreed Service Levels) – Confirmed, Pending and Rejected – and reconciled with cash received. Rejected - New business and cancellation records which result in a severe error as part of the interface validation process. Selling Month - The month in which GECC sells the insurance to the customer. 2 Hours Of Service Hours of service availability will be no less than 8 hours per day Monday to Friday excluding public holidays. Hours of service will vary in line with local working practices.