Mid-Term Adjustments

Need to make changes to a policy mid-term? This video will walk you through the process of completing a Mid-Term Adjustment (MTA) in SchemeServe. You'll learn how to update policy details, adjust premiums, and ensure everything is correctly recorded. Watch below to see just how quick and easy it is!

🔹In the scheme settings you´ll be able to decide who can make adjustments and when

🔹Most schemes are set to pro-rata automatically but this can be disabled in your scheme settings if needed. 

Matrix breakdown

MTA (Mid-Term Adjustment Value)

When changes are made during the policy term - such as increasing their sum insured or adjusting coverage - this column reflects the financial impact of those changes. The system recalculates the premium based on the updated insured amount and rate, ensuring that any additional or refunded premium is accurately accounted for in the adjustment process.

TERM (Term Premium/Charge)

This represents the total premium charged for the entire policy period based on the insured amount and rate percentage entered. In SchemeServe, this is typically calculated dynamically, factoring in underwriting rules, rating tables, and any applied discounts or loadings. This ensures that the correct premium is charged for the selected term, whether it’s annual, monthly, or a custom duration set by the scheme.
This reflects the premium charged to the client for the individual cover/load/discount that has been altered and will not always show a value on an unaltered cover.

RNL (Renewal Premium/Charge)

At renewal, SchemeServe can automatically calculate the new premium based on the insured amount and rate at the time of renewal. This column displays the renewal premium if no changes were to be made. If a scheme has automated renewal pricing rules, this value ensures that renewals are processed with the correct premium adjustments.

Next Steps

Now that you've seen how to process an MTA, you’re ready to apply these steps in SchemeServe. Here are some key points to remember:

🔹 Always double-check the changes before confirming the MTA.
🔹 Review any premium adjustments and ensure the correct amounts are applied.
🔹 Generate and review updated policy documents.
🔹 Notify the policyholder of any changes and provide revised documents if needed.