New Policy States to Enhance Your Experience!
At Olé, we always strive to offer you a clearer, more efficient service tailored to your needs. That is why, starting December 27, we will implement new policy statuses to improve the management and tracking of policyholders. With these changes, we will provide you with a more precise and detailed view of your policy’s status, making it easier to access the most relevant information at all times. Discover the glossary of the new statuses.
Glossary
Pending Evaluation: Status for applications under review by the risk evaluation department.
Pending Payment: Automatically assigned when an application is approved, but payment has not yet been received, and the policy is not active.
Payment Not Received: (New status) Automatically assigned to approved policies that do not receive the initial payment within 60 days of approval.
Active: Automatically assigned to a policy when it has been approved and paid for within the first 60 days.
Grace Period: Automatically assigned on the first day after the payment due date. Remains in this status for up to 60 days if payment is not received.
Expired: Automatically assigned on day 61 when a policy is not paid during the 60-day grace period.
Terminated: Automatically assigned when a policy remains expired for 24 months after the grace period.
Claim: (New status) Automatically assigned to policies associated with a claim.
Application Withdrawn: Applied when a client decides to withdraw their application during the risk evaluation process.
Not Accepted: Used when the client does not accept the offer made by the risk evaluation team.
Postponed: Applied to applications that need to wait a specified period before being re-evaluated by the risk evaluation team.
Rejected: Assigned when an application is rejected by the risk evaluation team.
Invalidated: (New status) Can only be applied to active policies that do not meet the risk evaluation criteria.
Canceled: Used for active policies that the client requests to cancel.
Replaced: Applied when a policy is replaced by a new contracted and activated policy.
