GUIDEWIRE STUDIO TERMS AND
DEFINITIONS EXAM QUESTIONS WITH
COMPLETE SOLUTIONS
Liability Coverages - Answer-Exist to provide financial remuneration if a third party
suffers a loss for which the insured is determined responsible.
Limit - Answer-A maximum amount of money provided for a covered loss (above the
deductible). Deductibles and limits work together to define the insurer's range of
financial responsibility.
Named Insured - Answer-An individual, business or organization that is specified in the
declarations by name as the insured(s) under a policy. The named insured is
responsible for premium payments, receipt of notices and adjustment of losses.
Policy File - Answer-An electronic file where Policy Center stores information that is part
of the legal contract.
Premium - Answer-The money paid for the policy. At a high level, the premium is
calculated by evaluating and totaling the coverages on the policy, the coverage terms
and the administrative costs for the policy. A premium value varies because of the
nature of the insured.
Property Coverages - Answer-A coverage in which a tangible asset (a physical object,
real estate location or the physical body) of the insured is covered.
Typelist - Answer-the list of available values for a drop-down field
Third-Party - Answer-A person who suffers a loss for which the insured is responsible.
Second-Party - Answer-The insurer.
Fleet - Answer-Fewer than 10 units (vehicles)
Refund Method - Answer-Identifies how the insured should be refunded.
Flat: refund all money, typically used if the policy has not yet become effective.
Pro rata: Prorate the refund
Short rate: Prorate the refund and subtract an additional amount for processing fees.
, Rewrite - Answer-Involves a significant change to a policy that cannot be captured with
a policy change. When a mid-term rewrite is performed, it is generally done for the
remainder of the term or for a full new term. With a full-term rewrite, the policy is flat
cancelled.
Out-of-Sequence (OOS) - Answer-Occurs when a transaction is created and after it is
bound, a second transaction is started with an earlier effective date.
Preemption - Answer-Occurs when a transaction is created and before it is bound, a
second transaction is started.
Form Inference - Answer-Process that determines what form should be generated
based on the information provided. Takes data from PolicyCenter and a template and
spits out a filled out form.
UW Issue - Answer-A specific occurrence on a policy transaction where an underwriter
condition was true.
UW Rule - Answer-Describes how the policy transaction is affected by underwriting
issues and how issues can be approved. The rules indicate the condition which will
raise an underwriting issue.
Authority Grant - Answer-The ability to approve underwriter issues and to what degree.
Authority Profile - Answer-A group of authorities that can be given to a user, allowing
the user to approve the underwriting issue.
Checking Set - Answer-Represents a point in a job where issues can be raised such as
pre-quote, bind, or pre-issuance.
Block Point - Answer-Stops progress of the job until an issue is approved. Issues can be
detected early, but blocked at a later point.
Modifiers - Answer-Adjust the policy premium or some portion of the policy premium.
Capture information relevant to pricing that is not necessarily tied to specific coverage
or coverables.
Contingency - Answer-Are occasions when a policy is issued, but the issuance is
dependent on additional information. It is associated with a policy (not a policy
transaction) and can exist past any specific policy transaction. If enough time elapses
and it is not resolved, it triggers an action related to the policy.
Policy Hold - Answer-Is placed on a transaction in the event of a natural disaster or for
changes in business. Policy holds are placed in a specific region for a period of time.
DEFINITIONS EXAM QUESTIONS WITH
COMPLETE SOLUTIONS
Liability Coverages - Answer-Exist to provide financial remuneration if a third party
suffers a loss for which the insured is determined responsible.
Limit - Answer-A maximum amount of money provided for a covered loss (above the
deductible). Deductibles and limits work together to define the insurer's range of
financial responsibility.
Named Insured - Answer-An individual, business or organization that is specified in the
declarations by name as the insured(s) under a policy. The named insured is
responsible for premium payments, receipt of notices and adjustment of losses.
Policy File - Answer-An electronic file where Policy Center stores information that is part
of the legal contract.
Premium - Answer-The money paid for the policy. At a high level, the premium is
calculated by evaluating and totaling the coverages on the policy, the coverage terms
and the administrative costs for the policy. A premium value varies because of the
nature of the insured.
Property Coverages - Answer-A coverage in which a tangible asset (a physical object,
real estate location or the physical body) of the insured is covered.
Typelist - Answer-the list of available values for a drop-down field
Third-Party - Answer-A person who suffers a loss for which the insured is responsible.
Second-Party - Answer-The insurer.
Fleet - Answer-Fewer than 10 units (vehicles)
Refund Method - Answer-Identifies how the insured should be refunded.
Flat: refund all money, typically used if the policy has not yet become effective.
Pro rata: Prorate the refund
Short rate: Prorate the refund and subtract an additional amount for processing fees.
, Rewrite - Answer-Involves a significant change to a policy that cannot be captured with
a policy change. When a mid-term rewrite is performed, it is generally done for the
remainder of the term or for a full new term. With a full-term rewrite, the policy is flat
cancelled.
Out-of-Sequence (OOS) - Answer-Occurs when a transaction is created and after it is
bound, a second transaction is started with an earlier effective date.
Preemption - Answer-Occurs when a transaction is created and before it is bound, a
second transaction is started.
Form Inference - Answer-Process that determines what form should be generated
based on the information provided. Takes data from PolicyCenter and a template and
spits out a filled out form.
UW Issue - Answer-A specific occurrence on a policy transaction where an underwriter
condition was true.
UW Rule - Answer-Describes how the policy transaction is affected by underwriting
issues and how issues can be approved. The rules indicate the condition which will
raise an underwriting issue.
Authority Grant - Answer-The ability to approve underwriter issues and to what degree.
Authority Profile - Answer-A group of authorities that can be given to a user, allowing
the user to approve the underwriting issue.
Checking Set - Answer-Represents a point in a job where issues can be raised such as
pre-quote, bind, or pre-issuance.
Block Point - Answer-Stops progress of the job until an issue is approved. Issues can be
detected early, but blocked at a later point.
Modifiers - Answer-Adjust the policy premium or some portion of the policy premium.
Capture information relevant to pricing that is not necessarily tied to specific coverage
or coverables.
Contingency - Answer-Are occasions when a policy is issued, but the issuance is
dependent on additional information. It is associated with a policy (not a policy
transaction) and can exist past any specific policy transaction. If enough time elapses
and it is not resolved, it triggers an action related to the policy.
Policy Hold - Answer-Is placed on a transaction in the event of a natural disaster or for
changes in business. Policy holds are placed in a specific region for a period of time.
