NOTE: See the article here for information about Non-pay cancelations. This article ONLY covers Voluntary / Insured Request Cancelations.

• What is a voluntary cancelation

• How to process a cancelation

• Refund process and timelines

Our platform allows two main types of cancelations: voluntary/insured requested cancelations and nonpayment cancelations. Under all circumstances, funds must be returned to Ascend before any refund can be issued to your client.

Voluntary cancelations occur when the insured requests to cancel their policy for any reason.

• Voluntary Cancelations can occur on programs regardless of whether the program is paid in full or financed the premiums at the time of purchase, and regardless of the billing type (Direct bill or Agency bill).

⚠️ Ascend does not hold the power to request a voluntary policy cancelation on behalf of the insured. This must be done by the agent or the MGA. ⚠️

Once the carrier confirms the cancelation details and effective date, your team can process the cancelation on the Ascend program. See steps below for how to process the cancelation in the Ascend dashboard.

1. Go to the Program Page for the policy to be canceled

2. In the Actions menu, select Cancel

   

3. Select whether all policies on the program are being canceled, or just an individual policy.

   
   NOTE: If there is only one policy on the program, please select the "Cancel whole program" option.
   

   

4. Enter the cancelation details, including effective date, return premium, and unearned commission:
   

   

5. Upload the cancelation document and click Confirm cancelation.

6. Confirm the payment method for the return premium and complete the transaction.

The Agency Account will have the ability to login to their Ascend portal and make payment for the unearned commission that they owe to the MGA/Wholesaler. This can be found in the Outstanding Balance section.

When a paid in full program is canceled, any amounts returned in unearned commission and/or return premium will be refunded directly to the insured. The refund will be issued via check to the address listed on the insured details on the program page.

The refund details are visible on the program page's Transactions table under the Customer tab. There will be a Refund column and row:

When a financed program is canceled, any amount returned in unearned commission and/or return premium will be applied first to the insured's loan balance, and then a refund will be processed where applicable. If there are leftover funds after fulfilling the loan balance, all remaining amounts will be issued as a refund to the insured via check to the address listed on the insured details on the program page.

If the RP is not paid at the same time that the endorsement is created, you will see a Transfer Funds link at the top of the program page. Please use this link to transfer the funds for the premium-reducing endorsement back to Ascend.

The refund details are visible on the program page's Transactions table under the Customer tab. There will be a Refund column and row:

If a refund check has already been sent out, please contact the Ascend Support Team at support@useascend.com for assistance with stop-paying and re-issuing a check.

If a refund check has NOT yet been sent out, the address can be updated from the program page's Transactions section, by clicking the Update mailing address button:

The signor of the Finance Agreement is legally responsible for any remaining balance left on a loan for any reason. Legal action will be pursued if the signor of the Premium Finance Agreement does not pay off loan balances within the time given.

For policies on a voluntary cancellation basis, Ascend is required to use the same cancellation effective date for the client's policy as the Carrier.

Need more help? Contact us at support@useascend.com for more help.