GUIDEWIRE FUNDAMENTALS EXAM | 2024 | QUESTIONS &
ANSWERS | 100% 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 TSubmissions Tdo Tnot Tend Tin Ta TPolicy Tbecause? T- T TInsured Tdoes Tnot Tqualify Tfor Tthe
Tinsurance Tor Tan Tacceptable Tquote Tis Tnot Tfound.
What Tare TPolicy TChanges? T- T TThey Twill Tchange Tsome Taspect Tof Tthe TPolicy Tbefore Tthe
TExpiration TDate. TChanges Tcould Tbe:
- TCoverables Tadded Tor Tremoved Tfrom Tthe TPolicy
- TCoverages Tadded Tor Tremoved Tfrom TCoverables
- TCoverage TTerms Tto Tbe Tmodified.
How Tis Ta TMaterial TChange Tdifferent Tfrom Ta TPolicy TChange? T- T TMaterial TChange Twill
Taffect Tthe Titem Tcovered, Teg TCars T/ TBuildings.
What Tis TRenewal? T- T TRenewal Thappens Tat Tthe Tend Tof Ta TPolicy, Tand Tusually Ta TPolicy Tis
Trenewed Twith Tthe Tsame Tconditions Tas Tthe Tprevious Tterm Tand Tmay Tinclude Tchanges Tto
Tcoverables, Tcoverages Tor Tpremiums. TIf Ta Tpolicy Tis Tnot Trenewed Tthen Tit Twill Tsimply
Texpire.
What Tis Ta TPolicy TCancellation? T- T TPolicies Tcan Talso Tbe Tcancelled T(before Tits Texpiration
Tdate) Teither Tby Tthe Tinsurer Tor Tthe Tinsured Teither Tbecause Ta Tbetter Tquote Twas Tfound
Twith Tanother Tprovider Tor Tbecause Tthe Tinsured Tdid Tnot Tkeep Tup Ttheir Tpremium
Tpayments.
ANSWERS | 100% 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 TSubmissions Tdo Tnot Tend Tin Ta TPolicy Tbecause? T- T TInsured Tdoes Tnot Tqualify Tfor Tthe
Tinsurance Tor Tan Tacceptable Tquote Tis Tnot Tfound.
What Tare TPolicy TChanges? T- T TThey Twill Tchange Tsome Taspect Tof Tthe TPolicy Tbefore Tthe
TExpiration TDate. TChanges Tcould Tbe:
- TCoverables Tadded Tor Tremoved Tfrom Tthe TPolicy
- TCoverages Tadded Tor Tremoved Tfrom TCoverables
- TCoverage TTerms Tto Tbe Tmodified.
How Tis Ta TMaterial TChange Tdifferent Tfrom Ta TPolicy TChange? T- T TMaterial TChange Twill
Taffect Tthe Titem Tcovered, Teg TCars T/ TBuildings.
What Tis TRenewal? T- T TRenewal Thappens Tat Tthe Tend Tof Ta TPolicy, Tand Tusually Ta TPolicy Tis
Trenewed Twith Tthe Tsame Tconditions Tas Tthe Tprevious Tterm Tand Tmay Tinclude Tchanges Tto
Tcoverables, Tcoverages Tor Tpremiums. TIf Ta Tpolicy Tis Tnot Trenewed Tthen Tit Twill Tsimply
Texpire.
What Tis Ta TPolicy TCancellation? T- T TPolicies Tcan Talso Tbe Tcancelled T(before Tits Texpiration
Tdate) Teither Tby Tthe Tinsurer Tor Tthe Tinsured Teither Tbecause Ta Tbetter Tquote Twas Tfound
Twith Tanother Tprovider Tor Tbecause Tthe Tinsured Tdid Tnot Tkeep Tup Ttheir Tpremium
Tpayments.
