GuideWire Fundamentals | Questions with 100 % correct answers | Verified

Every Policy will have these two things - Effective Date & Expiration Date The Period of time between the Effective Date and Expiration Date is called? - The Policy Term (Usually 6 Months or 1 Year) What is the difference between Policy Term and Policy Period? - Can be multiple Periods within a Term Submissions are? - The transaction in GuideWire that will create a Policy, either as a Quote or Binded & Issued. Most Submissions do not end in a Policy because? - Insured does not qualify for the insurance or an acceptable quote is not found. What are Policy Changes? - They will change some aspect of the Policy before the Expiration Date. Changes could be: - Coverables added or removed from the Policy - Coverages added or removed from Coverables - Coverage Terms to be modified. How is a Material Change different from a Policy Change? - Material Change will affect the item covered, eg Cars / Buildings. What is Renewal? - Renewal happens at the end of a Policy, and usually a Policy is renewed with the same conditions as the previous term and may include changes to coverables, coverages or premiums. If a policy is not renewed then it will simply expire.What is a Policy Cancellation? - Policies can also be cancelled (before its expiration date) either by the insurer or the insured either because a better quote was found with another provider or because the insured did not keep up their premium payments.