Download GUIDEWIRE POLICYCENTER PROFESSIONAL EXAM 2025-2026| 120 QUESTIONS AND ANSWERS|A+GRADE and more Exams Insurance Economics in PDF only on Docsity!
GUIDEWIRE POLICYCENTER PROFESSIONAL EXAM
2025 - 2026 |POLICY ADMINISTRATION, DATA
MODEL MANAGEMENT, PRODUCT MODEL SETUP,
USER INTERFACE CUSTOMIZATION
|120QUESTIONS AND ANSWERS|A+GRADE
Supporting information under an Account (11)
- Summary
- Contacts
- Location
- Participants
- Transactions
- Submission Manager
- Policies and UW files
- Documents
- History
- Notes
- Related Accounts Types of Policy Transactions (6)
- Submission
- Change
- Renew
- Cancelled
- Rewritten
- Reinstated Jobs can be started in 3 ways
- By users through Actions menu
- External systems through API's
- PC batch processes What are Coverage Terms A value that further defines a specific coverage (Deductible and Limit) Coverage can have 0, 1, or multiple terms attached List of Policy Lines (8)
- Personal Auto
- Commercial Auto
- General Liability
- Homeowners
- Business Owners
- Inland Marine
- Conditions
- Modifiers
- Coverage
- Forms What is availability and what is it based on? (6) A component either appears or doesn't appear on a live app Based on:
- Start/End date
- Industry Code
- UW company
- Policy Type
- Policy Transaction type
- Jurisdiction What is the max number of submissions you can make per LOB? 5 Steps to creating a submission/policy (12)
- Offering - allows the insurers to define product types based on existing base product definitions
- Prequalification - answer basic questions to reveal if the applicant qualifies for certain coverages, or could reveal UW issues
- Policy info - captures basic info
- UW - large insurers license subsidiaries to do UW based on state requirements
- Coverages - ex. for PA - collision, liability
- Modifiers - increases or decreases in coverages based on certain factors
- Risk Analysis - where UW concerns show up. UW can review or maintain any issues
- Policy Review - can see full application summary
- Quote - all policy info is sent to a rating engine and returns a quote
- Forms - become available at this point
- Payments - payments screen looks in depth at payment options to consider payment plans
- Bind and Issue - coverage becomes legally binding with Bind even without official documentation. Issues means the documents are getting issued Parallel rating Rates coverables in parallel using multiple threads What is asynchronous quoting and under what conditions is it enabled? (2) Which LOBs support it? (5) Runs the quote processes in the background in the following conditions:
- Asynchronous quoting is enabled
- Number of coverables exceeds a threshold
- Billing - view overall balances for policy periods
- Contacts - list all contacts associated with a policy
- Participants - lists users interacting with a policy by role
- Policy Transaction - displays summary info about all policy transactions that have occurred on the policy
- Notes - view and search notes related to the policy
- Documents - view and search documents related to the policy
- Risk Analysis - issues that may affect the policy (UW issues, claims, prior policies, prior losses, contingencies)
- Reinsurance - insurance risk transferred to another insurance company to all or part of the liability
- History - view and search historical events pertaining to policy
- Financial Transactions - an internal tool used for rating while developing the application (only people with the "InternalTool" permission can see this screen Preemption 2 transactions are initiated from the same base period - a transaction starts while another is in progress The first job that finishes/gets bound "wins out" and the losing job has to be modified to handle the preemption 3 statuses of policies getting renewed
Renewed Not Taken Non-renewed How to override an automatic renewal Pre-configure renewal directions - this puts the expiring term into either automatic nonrenewal or manual renewal Interrupt renewal - If you start a renewal and then change the existing policy, what happens? If the renewal is unbound, the policy change can be added to the renewal Rewites You must cancel a policy to rewrite it Full term rewrite (discards the original policy and policy term) Mid term rewrite (retains part of the original policy) Which policy jobs can not be out of sequence? Submissions, renewals, and audits
The Team Tab allows them to see all jobs and activities grouped by time and status. They can mass reassign activities, and jobs, and can view policy transactions by role or activity Can view by role or by activity Types of Producers (2)
- Producer of Record - Created the submission, receives commision based on the premium
- Producer of service - services the policy (usually the same as the producer of record if a new policy - if different, they only get commission after the policy is renewed) What is a producer code A unique ID assigned by the insurer to track which agent/agency is responsible for which policies and accounts How to delegate role management to external users Use the "User admin role"
The can have access to ao build groups, org and permissions for their own orgs but not others Security in PC (2)
- Role based security - a role is a named collection of permissions that typically map to a jo function or title
- Date based security - defines what data can be access and typically managed through producer codes 3 levels of assignment for external users
- fully restricted - only access to their own org
- protect internal - can be assigned producer codes from any external org
- allow internal - allow access to internal or external orgs Samples of forms (5) (4)
- declaration sheets - a summary of all exposures and coverages
- Base forms - attached regardless of what coverages or exposure units are selected
- Additional coverage forms - add additional coverage
- Exclusion forms - limit forms
- Manuscript forms - blank forms with space for free text
Endorsement numbers Indicates the order that a form was added to the policy (apply to a specific policy period (sequential starting at 1) Components of UW authority UW Issue - a specific occurance on a policy transaction where an UW condition was true. Created when a condition gives undesirable results based on data on the policy or account. These can stop jobs until approved UW Rule - Describes how the policy transaction is affected by the UW issues and how issues can be approved. Rules include conditions which will raise an UW issue Authority Grant - The ability to approve UW issues and to what degree Authority profile - a group of authorities that can be given to a user, allowing the user to approve UW issues How can UW issues be created? (2)
- Rule conditions can be created in the UW Rule UI, more complex conditions can be written in gosu
- UW issues can also be created manually on the UW Issues screen (can not be removed automatically
Checking set A point in the job where issues can be raised (Pre-quote, Bind, Pre-issuance) Blocking point Stops the progress of a job until an issue is approved (some issues can be informational (non-blocking) Types of fields in the UW Rules Screen (3)
- Fields related to defining the UW Rule (Name, Code, Description, Checking Set, Blocking Point, Enabled, Start/End Date)
- Fields related to evaluating the UW Issue (applicability section, Rule Contect, Rule Condition, UW Details)
- Fields related to approving the UW Issue (Auto-Approvable, Default Edit before Bind, Default Approval Blocking Point, Default Duration, Value Comparator, Value Formatter Type, Default Value Assignment Type, Default Value Offset Amount) Deploying UW Rules (Dev vs Prod server) Dev:
- Draft (rules have been created but not complete or tested)
- Staged (tested and ready for deployment)
- When rendering on the UI, put commonly accepted coverages on "Included Coverages" and less commonly accepted coverages as "Additional Coverages" What is Existence How does the coverage appear to the user? (Suggested, Electable, Required) Clauses and subclauses These are groups of coverages A clause can have 1 or 0 parents clauses A clause can have multiple subclauses of multiple levels Coverage Table Each coverage is associated with a coverage lookup table storing availability criteria for coverages A coverage table has a set number of columns for each term type (the number of coverage terms is limited to the number of columns for that type (devs can add columns to extend the table)
Use product designer to specify the column of the coverage table in order to map the term to the column Schedules Lists of detailed info about an insured coverables (ex. list of jewellery) Generic Schedule data model that stores schedule info in a generic way can be easily created and edited in Product Designer and can be defined in Product Model XML files Steps to add a generic schedule to LOB (3)
- Create a generic schedule data model for line
- Configure scheduled clauses and properties in the product model, using Product Designer
- Configure the schedule UI if you want to change how it looks and operates Ways to configure availability in product model
- Lookup tables (to determine initial set "S" of available entities
A value that the rating engine uses to justify the policy premium, or some portion of the premium What is a Modifier Pattern? Affects the rating of coverages. Creates an instance of a modifier that affects the cost of a policy What is a Schedule Rate Modifier A specific type of modifier that provides credit or debits within established value ranges What is a contingency? Sometimes a policy is opened but issuance is dependent on the delivery of another piece of info (ex. report card) Actions related to a Contingency (3)
- Changing the policy
- Cancelling the policy
- Cancelling and rewriting the policy
What is a policy hold? Placed on a transaction in the event of a natural disaster or for changes in a business in a specific region for a period of time Allows a carrier to prevent users from creating new policies or changing existing policies UW issues are raised and cause a block if the date interferes with the hold date Reasons for UW Referral
- Related to the Policy (when something about the policy needs to be brought to attention)
- Generate an UW issues which is blocking
- Often manually created, can only be deleted manually or through API, can't be approved
- PErsists with the policy, resulting UW issues can be approved What are Documents? Electronic files that contain info pertaining to an account, policy, or job ( not part of th contract) Where does the info exist for a document?
