Overview

In most scenarios, programs and policies cancelled in Ascend can be reinstated. Any paid-in-full program may be reinstated, up until the policy expiration date.

For financed programs, the client's loan will need to be brought fully current for a Notice of Reinstatement to be issued to the carrier/MGA.

In rare circumstances, funding may also need to be reissued to the carrier/MGA.

How to Create a Reinstatement Link

1. On the program page for the customer, go to the Actions menu, and select Reinstate program

2. On the following screen, select "By checking this box..." and select Reinstate:

   

3. Back on the program screen, the program status will be updated to Reinstatement due, and a payment link will be available to share with your customer.

4. Send the reinstatement link to your customer using the "Send email" button, or alternately, you can click "copy checkout link" and share directly with your client. Please note that Ascend does not automatically email the reinstatement link to the customer, the "Send email" button must be clicked to trigger the event.

   

Reinstatement Timeline

• Day 0: Client's payment clears to Ascend

• Days 1 - 5: Ascend will reinstate the loan

  • The effective date of the Notice of Reinstatement will reflect the day following when the client's reinstatement payment clears.

• Day 5: Ascend will send the Notice of Reinstatement to MGA & Notice of Reinstatement document will become available on the client's program page in the Communications section under Mail

  

Frequently Asked Questions

Can Ascend reinstate a loan more than once?

• Yes, as long as the carrier/wholesaler allows for it.

Why do I have to check with the carrier about accepting policy reinstatement?

• Depending on the duration of the lapsed coverage, the carrier may not accept reinstatement for the policy without rewriting the coverage entirely. Rewritten policies will need a new program / new premium finance agreement.

What if the carrier doesn't accept reinstatement without a rewrite?

• If the carrier does not accept coverage without a rewrite, Ascend will collect back the unearned premiums and commissions associated with the loan and apply to the outstanding loan balance. Any remaining balance on the loan will be due by your client. Conversely, any leftover funds after the loan balance is completely paid off will be refunded to your client.

• You should create a new, separate program for the rewritten coverage

How do I know if a reinstatement was rejected?

• We will notify you by email after the carrier has processed the rejection. This will result in a cancellation of the premium finance agreement.

Where can I get a copy of the reinstatement documents?

• The Notice of Reinstatement can be found on the client's program page by clicking the Financing Documents button.

Can the client pay part of their overdue payments to be reinstated?

• No, the entire loan balance must be current to qualify for reinstatement. Partial or split payments will not trigger a reinstatement on the account. Reinstatement can only be issued once the account is fully current.

Can a reinstatement be issued if the carrier already returned funds?

• Yes, although uncommon, Ascend can reissue returned funds back to the carrier for a reinstatement. Please note this to our team.

Can a reinstatement be issued if a refund was already issued to the client?

• Yes, although rare, Ascend can help facilitate reinstatement when a refund has already been issued to the client, which typically requires collecting funds back from the client.