Intro Kickstart Lessons 2 Flashcards
Policy Tools, Policy Changes and Preemptions, Renewals, Canc|Reins|Rewrite, OOS Trans
What is the main purpose of “Tools” in the PolicyCenter?
The Tools menu provides an easy way to obtain several important pieces of supporting info for a policy file.
Where in the Tools would you be able to access the record of a PolicyCenter user’s thinking or strategy when working on a policy?
Notes
Which Tools option provides a way to access the electronic or physical files that are associated with a policy, but not necessarily part of the contract?
Documents
For each of the following, identify whether the statement applies to submission jobs, change jobs, or both.
A) It can be started manually.
B) It can only be executed from an existing policy.
C) It requires you to identify the producer of record.
D) It can be withdrawn.
E) It can be declined.
F) It requires a new quote to be generated.
A) Both
B) Policy Change
C) Submission
D) Both
E) Both
F) Both
What are three ways a renewal job can end?
Renewed
Non-Renewed
Not Taken
Under what two circumstances is the renewal wizard typically used?
When the renewal is started manually or when the policy must be changed at the time of the renewal.
Consider a situation where the insured is offered a renewal, but never makes the payment. What is the renewal’s state? (HINT - the renewal flow times out).
Not Taken
How many pre-renewal directions can a policy have?
A policy may have any number of pre-renewal directions, but there is only one active pre-renewal direction at a time.
When should you NOT create a pre-renewal direction?
You should not create a pre-renewal direction if you want to renew the policy and do not need human review of the job while it’s being executed.
Cancellations and reinstatements always have the same effective date. T/F?
True
Can you describe a situation where you might use a rewrite rather than a policy change?
A rewrite includes an extreme change that can not be covered by a simple policy change. This may include a change to policy eff date or producer of record.
Describe the effective date for a rewrite.
The eff date for a rewrite may coincide with the cancellation date or it may be after the cancellation date.
What makes a transaction OOS?
A transaction is OOS if it is entered after some other bound transaction but has an eff date earlier than the eff date of the first bound transaction.
Can a submission be out of sequence?
No. It’s the first transaction for a policy.
Can a policy change be OOS?
Yes.
When you start an OOS trans, how do you know it’s OOS?
There’s a popup that tells you. PolicyCenter displays an OOS dialogue box before starting the wizard and displays a warning label at the top of the wizard screens.
What criteria does PolicyCenter use to determine if an OOS transaction conflicts with a later effective transaction?
If each transaction changes a single given field to a different value, then the two transactions are in conflict.
If there are no conflicts, what additional work must the end user do?
When there are no conflicts, there is no additional work. PolicyCenter automatically merges the data from the 2 transactions.
If there is at least one conflict, what additional work must the end user do?
For each conflict, the user must identify whether or not the earlier eff dated value overrides the future dated value in the future slice of the policy.
