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An expiration card is a document used in various settings, particularly in insurance, to alert parties involved in a contract that the relationship will end on a certain date unless renewed. It can be physical or virtual and is used to track the end dates of contracts, including insurance policies, and engage customers in discussions about renewal.
An expiration card is a simple document that provides information about the expiration date of a specific contract. Such a card is used in various settings, especially in the insurance industry. The idea behind an expiration card is to serve as a means to alert all parties involved in the contract that the relationship will end on a certain date unless appropriate steps are taken to renew the agreement for an additional period.
One of the most common applications of the expiring card is found with insurance coverage. With various types of health, auto and life insurance plans, a policy end date can be included in the basic terms and conditions that govern the relationship. As that date approaches, the expiration card serves to remind the provider that the contract term is approaching and that it is time to discuss renewal coverage with the insured party. By making use of this type of time management tool, an agent can always know which client policies are scheduled to expire within the next 30 days and arrange to contact those clients to renew the plans and keep the flow of income for the insurance provider.
Along with tracking the end dates of insurance plans, an expiration card can also be used as part of the tracking process for any type of business contract. For example, a company that provides goods or services to a customer at a reduced price may use this method to engage the customer in new discussions several weeks before the completion date. This can be important, as doing so could mean the difference between the customer choosing to renew for another term at the same price or choosing to entertain competitors’ proposals.
While a traditional aging card is a physical card used as part of a tickler file system, many software packages embed the idea of the card into their basic features. A sales database might include the ability to create a virtual expiration card that includes basic information about a customer’s contract, including the end date. The end user can configure the system to generate an alert a specified period of time before the contract is terminated, making it easy to schedule a phone call or email to the customer and start renewing the agreement. Until the task is completed or dismissed, the system will often continue to remind the user that the need to contact the customer is still pending.
Smart Asset.
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