Lincoln MoneyGuard: New Policy Dating and Premium Effective Date

Reprinted from the March 26, 2018 Lincoln Life Leader.

 

Effective April 16, 2018, New Business is changing the rules for policy dating and premium effective dates. The

new dating rules will follow an In Good Order process. When all requirements, including premium, are deemed

In Good Order – fully completed, signed and dated – the policy and premium effective date will be current

dated.

 

The change is being implemented to bring our internal procedures in‐line with industry standards and best

practices and will bring Lincoln’s MoneyGuard® business in‐line with Lincoln’s Life and Annuity business. The

existing process of dating policies on the date that the first check is received at Lincoln is often challenging to

explain concisely and difficult for our customers to understand. It causes the backdating of policy dates and

premium effective dates and can appear to be scenario driven and inconsistent.

 

Due to unique dating rules found in the term conversion and internal replacement guidelines, this does not

apply to conversions or internal exchanges.

 

Please review the new procedures below and do not hesitate to contact your Underwriting and New Business

team with any questions.