GUIDEWIRE STUDIO TERMS AND DEFINITIONS | COMPLETE SOLUTION | 100% CORRECT
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Course
Guidwire.
Institution
Guidwire.
GUIDEWIRE STUDIO TERMS AND DEFINITIONS | COMPLETE SOLUTION | 100% CORRECT
Producer - Third-party bringing business to the insurer
Producers of Records - Brings business to an insurer but may not be actively searching an account
Producers of Service - May or may not have brough...
GUIDEWIRE STUDIO TERMS AND DEFINITIONS | COMPLETE
SOLUTION | 100% CORRECT
Producer - Third-party bringing business to the insurer
Producers of Records - Brings business to an insurer but may not be actively searching
an account
Producers of Service - May or may not have brought the business to the insurer but is
the party serving the account
Producer Code - A unique identifier assigned by the insurer to track the agent or
agency responsible for a policy or account. The producer code is used to control
account access and identifies the sales agent who sold the policy.
Organization - A business entity representing either the insurer or a producer
Insurer - A company providing insurance to applicants.
Underwriter - An employee of the insurer who assesses the insurability of applicants to
determine if it is economically advisable and the associated costs
Participant - Is a PolicyCenter user working directly or indirectly (a producer) for the
insurer and is assigned to an account with given role.
Contact - A person or organization related to the account.
Locations - A physical location relevant to an account's insurance needs. may or may
not have buildings or other structures on it.
Submission Manager - A screen within PolicyCenter where multiple submissions on an
account can be viewed.
Related Accounts - Accounts that may have importance to the current account. The
relationship type is user-defined and configurable. There are three out-of-the-box
(OOTB) relationships available.
Name Clearance - Searching PolicyCenter to see if an account exists (i.e. common
matching of records)
, Workflow - Component used for executing custom business processes asynchronously.
In the default installation, only renewal and cancellation jobs have workflows.
Policy - Electronic file where PolicyCenter stores information that is part of the legal
contract. A policy is associated with an account. Contacts and locations can be created
on the policy.
Account - An organization or person.
Coverable - A risk exposure that can be protected by the policy, such as a vehicle, a
jurisdiction, the policy itself or a tangible property (i.e. building)
Coverage - Protection from a specific risk. It is always attached to a coverable such as
vehicle or building. Sometimes, the coverage specifies both the type and cause of loss.
Coverages are attached only to coverables.
Coverage Terms - A value that limits or defines the coverage.
Deductible - An amount of money that the insured must pay out of pocket for a loss.
Some deductibles are per incident (example. When the insured pays the first $1,000 for
each accident) and some are aggregated (example, the insured pays the first $1,000
within a year, then covers losses above $1,000).
Forms - Also knowns as endorsement forms. Common forms include declaration
sheets, policy definition forms, coverage endorsements, exclusion forms, manuscript
forms. Forms are documents detailing specific aspects of the policy. Forms contain
legal information about a policy and are part of the policy contract.
Liability Coverages - Exist to provide financial remuneration if a third party suffers a
loss for which the insured is determined responsible.
Limit - 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 - 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 - An electronic file where PolicyCenter stores information that is part of the
legal contract.
Premium - 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
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