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<big>'''Code for Collapsible Section'''</big>
This page explains how underwriters should evaluate and process requests to update the insured name on an NFIP policy. Common reasons for name changes include correcting errors, adding or removing a named insured, or reflecting legal updates like marriage or divorce. The goal is to maintain compliance with NFIP guidelines while ensuring the policy's integrity.
<pre>
{{Collapsible-section
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==== Categories of Name Changes ====
{{Collapsible-section
{| class="wikitable"
|number = 1
!'''Type'''
|title = Example
!'''Description'''
|content = Here's the first line of content.
!'''Documentation Requirements'''
!'''Effective Date Rule'''
|-
|'''Name Corrections'''
|Fix typographical or factual errors in the insured name without changing the insurable interest.
|Government-issued ID, proof of ownership, or other documentation showing the correct name.
|Use the inception date of the current policy term.
|-
|'''Adding a Name'''
|Add an additional policyholder to the policy without removing the existing insured party.
|Signed written request specifying the added name and their relationship to the property.
|Use the date of the request or a documented event.
|-
|'''Removing a Name'''
|Remove a policyholder while ensuring at least one valid named insured remains on the policy.
|Signed written request from the insured being removed or legal documentation supporting the removal.
|Use the date of the request or the inception date of the current policy term for retroactive changes.
|-
|'''Policy Assignment'''
|Transfer ownership and insurable interest to a new policyholder, removing the previous insured party.
|Legal documentation of the transfer, such as a sale agreement, deed, or assignment form signed by all parties.
|Use the closing or transfer date, provided all documentation is received within NFIP timelines.
|-
|'''Updating a Name'''
|Update an insured name to reflect a legal change (e.g., marriage, divorce, court order).
|Legal documentation such as a marriage certificate, divorce decree, or court order reflecting the updated name.
|Use the date of the legal event (e.g., marriage, court order) or another documented date supported by NFIP rules.
|}
==== Procedural Steps ====
{{Box task
|image = Sol-img-filler.png
|size = 200px
|alt = the image alt text
|caption = Here is a caption
|text = some text
}}
<big>'''Code for Box Task'''</big>
<pre>
{{Box task
|image = Sol-img-filler.png
|size = 200px
|alt = the image alt text
|caption = Here is a caption
|text = some text
}}
</pre>
----
# '''Receive and Categorize the Request'''
#* Open the agent-submitted request in Equinox and categorize it under the appropriate reason for the change (see Categories of Name Changes).
# '''Verify Documentation'''
#* Confirm the required documents are attached and validate their accuracy (e.g., legal documents for name updates, signed requests for additions/removals).
# '''Check Compliance'''
#* Ensure that the change does not alter ownership (except for Policy Assignments).
#* Verify that at least one named insured with valid insurable interest remains on the policy.
# '''Determine the Effective Date'''
#* Use the effective date guidelines:
#** For legal updates, use the date of the legal event.
#** For corrections, use the policy inception date.
#** For additions/removals, use the request date or the policy inception date for retroactive changes.
# '''Take Action in Equinox'''
#* Update the policy record with the approved name change.
#* If the request is '''Rejected''' or '''Pended''', document the reason and communicate the outcome to the submitting agent.
# '''Document the Action'''
#* Record the decision and supporting documentation in the policy notes.
#* Ensure all changes comply with NFIP guidelines and that the policy remains intact.
==== Additional Resources ====
{{Box task eq
|image = Img-eq-proc-transfer-01.png
|size = 400px
|alt = An image of the Waiting Period Type showing "Transfer".
|caption = The Waiting Period Type should show "Transfer".
|section = General Information
|field = Waiting Period Type
|entry = Transfer
|info = In the General Information section of the Policy Record, find the Waiting Period Type and confirm that is shows "Transfer".
}}
<big>'''Code for Box Task EQ'''</big>
<pre>
{{Box task eq
|image = Img-eq-proc-transfer-01.png
|size = 400px
|alt = An image of the Waiting Period Type showing "Transfer".
|caption = The Waiting Period Type should show "Transfer".
|section = General Information
|field = Waiting Period Type
|entry = Transfer
|info = In the General Information section of the Policy Record, find the Waiting Period Type and confirm that is shows "Transfer".
}}
</pre>
----
* '''NFIP Guidelines Reference''': Link to the relevant section of the NFIP Flood Insurance Manual.
* '''Equinox Quick Guide''': Step-by-step instructions for updating name changes in the platform, with screenshots.
{{Box task review
* '''FAQs for Agents''': Common agent questions about name changes, such as "What documentation is required for adding a co-insured?"
The following details must match '''exactly''' on the prior declarations page or renewal bill.
* All policyholder's names
* Property Address
* Prior Policy Number
* Prior Company Name
* Prior Company NAIC Code
* Policy Expiration Date to New Policy Effective Date
{{attention|The NFIP coverage limits must be checked for '''coverage increase amounts higher than Option B''' if the premium was received less than 30 Days prior to Expiration.}}
}}
<big>'''Code for Box Task Review (plus Attention)'''</big>
The following details must match '''exactly''' on the prior declarations page or renewal bill.
* All policyholder's names
* Property Address
* Prior Policy Number
* Prior Company Name
* Prior Company NAIC Code
* Policy Expiration Date to New Policy Effective Date
{{attention|The NFIP coverage limits must be checked for '''coverage increase amounts higher than Option B''' if the premium was received less than 30 Days prior to Expiration.}}
}}
</pre>
----
{{spoiler
|num = A31
|click = They can keep the same policy when they transfer to your agency.
|info =
{{wrong|This is incorrect if the agent only writes for Widgets United.}} <br>
Text
}}
<big>'''Code for Spoiler'''</big>
<pre>
{{spoiler
|num = A31
|click = They can keep the same policy when they transfer to your agency.
|info =
{{wrong|This is incorrect if the agent only writes for Widgets United.}} <br>
Text
}}
</pre>
<!-- end of the collapsible -->
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Latest revision as of 13:38, 3 March 2025
Code for Collapsible Section
{{Collapsible-section
|number = 1
|title = Example
|content = Here's the first line of content.
...
}}
Example
Here's the first line of content.
Here is a caption
some text
Code for Box Task
{{Box task
|image = Sol-img-filler.png
|size = 200px
|alt = the image alt text
|caption = Here is a caption
|text = some text
}}
Section
Field
Entry
General Information
Waiting Period Type
Transfer
In the General Information section of the Policy Record, find the Waiting Period Type and confirm that is shows "Transfer".
Code for Box Task EQ
{{Box task eq
|image = Img-eq-proc-transfer-01.png
|size = 400px
|alt = An image of the Waiting Period Type showing "Transfer".
|caption = The Waiting Period Type should show "Transfer".
|section = General Information
|field = Waiting Period Type
|entry = Transfer
|info = In the General Information section of the Policy Record, find the Waiting Period Type and confirm that is shows "Transfer".
}}
The following details must match exactly on the prior declarations page or renewal bill.
All policyholder's names
Property Address
Prior Policy Number
Prior Company Name
Prior Company NAIC Code
Policy Expiration Date to New Policy Effective Date
The NFIP coverage limits must be checked for coverage increase amounts higher than Option B if the premium was received less than 30 Days prior to Expiration.
Code for Box Task Review (plus Attention)
{{Box task review
|file = [[File:Img-nfip-declarations-01.png|200px]]
|info =
The following details must match '''exactly''' on the prior declarations page or renewal bill.
* All policyholder's names
* Property Address
* Prior Policy Number
* Prior Company Name
* Prior Company NAIC Code
* Policy Expiration Date to New Policy Effective Date
{{attention|The NFIP coverage limits must be checked for '''coverage increase amounts higher than Option B''' if the premium was received less than 30 Days prior to Expiration.}}
}}
They can keep the same policy when they transfer to your agency.
This is incorrect if the agent only writes for Widgets United.
Text
Code for Spoiler
{{spoiler
|num = A31
|click = They can keep the same policy when they transfer to your agency.
|info =
{{wrong|This is incorrect if the agent only writes for Widgets United.}} <br>
Text
}}
