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.
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