Managing Policies

Objectives

After completing this lesson, you will be able to:

  • Name the key fields of the policy record
  • Add a policy to a customer record

Key Fields of the policy record

Policies describe coverages that are subscriber based, member-based or product line based for a given period of time. A policy is a child of the customer entity, so it is always associated with a customer record. A customer record does not require a policy record, although a customer can have many policies associated to it.

Some key fields on the Policy record are:

Customer ID: This value is inherited from the parent customer.

Policy ID: The unique identifier for the policy.

Date Eff: Effective date of the coverage indicated by the policy details.

Termination Date: Expiration date of the coverage indicated by the policy details. This field may be blank.

Policy Issue State: The state or province in which the policy was issued. Valid values for this field are maintained in the Code Type Configuration under STATECD.

Product Code: The Product Code of the policy. Valid values for this field are maintained in the Code Type Configuration under PRODUCTS.

System Status: The system processing status of the record. Default status values include Active, Cancelled, Terminated, and Unknown. Valid values for this field are maintained in the Code Type Configuration CUSTPOLICYPROSTA.

Termination Reason: signifies why the policy has been terminated or cancelled, and is required if Termination Period or Termination Date is specified. Termination Reasons may impact compensation or chargeback rules depending on configuration.

Exercise: Create a policy record

In this exercise, you will create a new P&C policy record for a customer named Keith Branch.

Steps

  1. Search for a customer named Keith Branch.

    1. From the Manager portal, select Producers - Customers.

    2. Search for a record with the name Keith Branch.

    3. Open the record and select the Policies tab.

    4. Select New (+).

  2. Enter the policy details.

    1. Enter the following details for the policy. Note the address information is optional.

      • Policy ID: 20000005-20220701
      • Name: Keith Branch
      • Policy Issue State: CALIFORNIA
      • Product: Property & Casualty
      • Business Type: Commercial Individual
  3. Enter the policy detail dates:

    1. Scroll to the Detail Dates section and set the Effective Date, OED, and Issue Date to 1/1/2022.

    2. Select Save.

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