Guidewire Fundamentals with 100% correct answers

Guidewire Fundamentals Every Policy will have these two things - correct answer Effective Date & Expiration Date The Period of time between the Effective Date and Expiration Date is called? - correct answer The Policy Term (Usually 6 Months or 1 Year) What is the difference between Policy Term and Policy Period? - correct answer Can be multiple Periods within a Term Submissions are? - correct answer 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? - correct answer Insured does not qualify for the insurance or an acceptable quote is not found. What are Policy Changes? - correct answer 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? - correct answer Material Change will affect the item covered, eg Cars / Buildings. What is Renewal? - correct answer 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.