Intro Essentials Lessons 1

Question 1

A set of “Legal and binding” information about the product is described where?

Answer 1

In the policy line (The PolicyLine pattern).

Question 2

Although products are the first level of hierarchy in the product model, what should you set up before you set up products?

Answer 2

Products must be associated with at least one policy line and therefore policy lines must be configured before you configure a product for a product model.

Question 3

Can a single product having multiple policy line patterns exist?

Answer 3

Yes.

Question 4

Give an example of a single product that has multiple policy line patterns.

Answer 4

A package such as Commercial Package that has multiple policy line patterns such as General Liability, Inland Marine, and Commercial Property.

Question 5

What is a coverable?

Answer 5

A coverable is an exposure to risk and is not a pattern in a product model

Question 6

What is a coverage?

Answer 6

Coverages are patterns in the product model where each coverage pattern is associated with a relevant entity.

Question 7

What is a coverage category?

Answer 7

A coverage category is a group of one or more logically related coverage patterns.

Question 8

Give an example of a coverage category.

Answer 8

For Homeowners LoB, an example would be:

Section 1 Coverages
_____________________
Coverage A - Dwelling
Coverage B - Other Structures
Coverage C - Personal Property
Coverage D - Loss of Use
Coverage E - Section 1 Deductibles

Question 9

What is a coverage term?

Answer 9

A coverage term is a value that measures or further defines a specific coverage.

Question 10

What is availability?

Answer 10

Availability in the user interface means that a coverage (or any other pattern on which the availability is set), either shows up or does not show up in the application.

Question 11

List at least two factors that influence the availability of a coverage pattern.

Answer 11

Possible answers:

Start and end effective dates
Industry code
UW company
Policy transaction type

Question 12

All of the product model patterns have availability logic except for…?

Answer 12

Policy Line patterns

Question 13

What is grandfathering?

Answer 13

Grandfathering lets insurers continue to offer coverage patterns (or other patterns) even though they may not be available to new customers.

Question 14

Which patterns have grandfathering ability?

A) Coverage
B) Product
C) PolicyLine
D) Condition
E) Coverage Term

Answer 14

A) Coverage
D) Condition
E) Coverage Term

Question 15

What is a question set?

Answer 15

Question sets are used primarily to evaluate risk and qualification for an insurance product. Question sets should be used to determine whether a person qualifies for a particular product.

Question 16

When should question sets be used?

Answer 16

Question sets should be right before a user enters the wizard or through accumulated information indicating an unacceptably large level of risk that isn’t tied to one single issue.

Question 17

What is an offering?

Answer 17

An offering lets insurers define different product types based on existing product definitions.

Question 18

What is an offering’s purpose?

Answer 18

To define specific product types.

Question 19

List at least two factors that make an offering available.

Answer 19

Possible answers:

Start and end date
Job type
Industry