PC 10.0 Intro Workbooks Flashcards
Why does PolicyCenter present the search page for the account when I try to create a new account? I know the account doesn’t exist.
Name clearance ensures that a person or company is not an existing account and that they are not represented
by another producer for the given policy type.
PolicyCenter always searches for an account during its initial
creation, checking the name against one or more producer or account databases.
What is an organization?
An organization is what PolicyCenter uses to refer to an insurer or producer (distributor in EPC).
Note that when you create an account, you
must tie the account to a specific producer and the producer’s organization.
What is a producer?
A producer is a generic term for a third party that brings business to the insurer.
Is the word “Job” related to a transaction?
The terms “job” and “policy transaction” are synonymous. The term “policy transaction” is typical in the industry
and is used in the user interface. The term “job” is used in the data model, in user interface configuration and in
business rules.
What is a workflow?
A workflow is a component used for executing custom business processes asynchronously. In the default
installation, only renewal and cancellation jobs have workflows.
What is a participant?
A participant is a PolicyCenter user working directly or indirectly (a producer)
for the insurer and is assigned to an account with given role.
What is a policy?
A policy is an electronic file where PolicyCenter stores information that is part of the legal contract.
What is a third-party?
A person who suffers a loss for which the insured is responsible
What is a second-party?
The insurer.
What is the policy line?
The type of insurance that the insured is buying, such as personal auto,
business owners or commercial auto.
What is a full application submission?
Full application gathers the complete set of information needed to apply for a bindable quote.
What is quick quote?
Quick quote gathers the minimal information needed to generate a quote.
What is a refund method?
The refund method identifies how the insured should be refunded. In the base application, this can be set to “flat”
(refund all money - typically used if the policy has not yet become effective), “pro rata” (prorate the refund), or
“short rate” (prorate the refund and subtract an additional amount for processing fees).
