# Policy administration (https://riska.io/platform/policy-administration)

_Policy administration_

## Every change after bind posts its own premium.

Endorsements, audits, rewrites, cancellations and renewals run on the policy itself, and billing and the ledger follow each one. Any of them can start a workflow, a sequence or a decision on its own, so you keep the accounts you want, re-price the ones running hot and let the rest go.

## Premium that is right to the day.

Every change posts only the difference, so the policy, the invoice and the ledger never disagree.

- **Backdated changes, sorted.**: Slot an endorsement in behind ones already made and every later change is replayed on top of it. No manual re-rating, no reversing entries by hand.
- **See the premium before you commit.**: The commit shows what is written now, what changes and the new contract total, per component, before anything posts.
- **Billing follows on its own.**: The remaining installments re-spread, or an adjustment invoice or credit goes out when none are left. Nobody re-keys a change into billing.
- **One history for the auditor.**: Every change, rating, posting and payment on one timeline, filtered by lifecycle, contract, premium, billing or collections.

## Every mid-term change, on the policy.

Endorsements, audits, rewrites and renewals run as their own flows, without moving the policy out of the status it is in. Each posts its own premium on the date it takes effect.

### Endorse without the rework.

Start an endorsement, give it an effective date and edit a copy of the policy while the live one stays untouched. Commit it and the premium change posts on its date.

### Audits that close cleanly.

Collect actual exposure against an open audit and complete it as one posting. The policy's in-force version, status and term stay untouched throughout.

### Rewrite onto a new form.

Start a new term from the old one, price it fresh and bind it. The old term cancels itself and its credit carries over to the new one.

### Renewals that start themselves.

Ahead of expiry the next term is created from the expiring one: coverages, schedule, insured and contacts. It is re-rated rather than copied, so the renewal prices at today's rates.

## Cancel and reinstate by your rules.

Methods, notice and refunds are configured per reason, so every cancellation lands the way your filings say it should.

- **Rules per reason**: Pro rata, short rate or a flat amount, chosen by the reason and by who asked for it, with minimum earned terms where you file them.
- **Notice before cancel**: A notice of cancellation holds the policy in Pending Cancellation until its date. Cure it in time and the notice is rescinded.
- **Nonpayment handled**: When an installment passes its grace period, collections opens the notice on its own. Nobody has to spot it in a report.
- **Reinstate once paid**: Reinstatement waits for payment, and the reinstatement fee posts on its own so a later change can never reverse it.
- **Return premium, worked out**: A cancelled term gets a refund owed and a policy still in force gets a credit, both earned to the day.
- **Suspend and resume**: Pause coverage and pick it back up without rewriting the term or losing its history.

## Bound is the start.

The workbench takes a risk to bind. Policy administration keeps it right for the life of the term.

## Bring a policy that changed mid-term.

Send one that was endorsed, backdated and cancelled early. We will load it, replay every change and show you the premium to the day.