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Vlocity Insurance/Health Certs Exam | Questions And Answers Latest {} A+ Graded | 100% Verified
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Vlocity Insurance/Health Certs Exam | Questions And Answers Latest {} A+ Graded | 100% Verified
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Vlocity Insurance/Health Certs Exam | Questions And Answers Latest {2024- 2025} A+Graded | 100% Verified
* Process Library - Provides many common scenarios ready-to-go
Three key aspects of quoting - Product modeling, Rating, and the Quoting Process
Root Product - "Product specification with details for a quote", a.k.a. the insurance plan(s) sold or
offered.
Child Specifications (Specs) - Essentially a collection of Attributes, which are added to the Root Product
to define the coverage(s) it provides.
Attributes - Building blocks to capture features and characteristics that differentiate one Spec from
another. Defined by a name and unique identifier, then organized into attribute categories.
True or False: The Root Product and different types of Child Specs are all defined as Salesforce Products,
but each has a different Record Type. - True
* Types of Child Specs - -Coverage Specs
-Insured Item Specs
-Insured Party Specs
-Rating Fact Specs
* Insured Item Spec - Items/things your products cover
* Insured Party Spec - People your products cover
Coverage Spec - Benefits and Coverages your products provide. Applies to all lines of business. Can be
made optional and/or associated with Insured Items or Insured Parties.
,* Rating Fact Spec - Other data for pricing/rating such as group information or past claim data
True or False: You can't add multiple Child Specs of the same type to a Root Product. - False
Individual - No census. Products are offered to, purchased by, and rated for individuals
Group - Uses census. Products are offered to, purchased by, and rated for a group. The products are
purchased through a contract and then made available to individuals. Quoting is based on census data.
True or False: You can add the same Child Spec to more than one Root Product and give it different
characteristics for each by overriding the attribute data. - True
* True or False: If you override the coverage attribute's data for a particular Root Product, the data you
edited will still be inherited from the coverage. - False
Rules - Used to capture logical requirements in a product model
* Types of Rules - -Eligibility Rules
-Underwriting Rules
-Attribute Rules
* Underwriting Rules - Defined to move a Quote or Policy to a user-defined State when the rule
evaluates to True. Can also specify an action to run when the rule evaluates to true. Used with State
Models. Also called Referral rules.
State Models - Define states and state transitions for objects.
* Attribute Rules - Capture dependencies between attributes. When the rule evaluates to true, you can
hide an attribute or some of its values, display messages, or set values for an attribute.
True or False: You can control one Attribute based on other Attributes. - True
, True or False: Attribute Rules are typically executed by the browser on the front end, while Attribute set
value rules are processed on the back end. - True
Rating - A risk-based calculation of a premium based on a set of input characteristics. Determines the
cost a customer needs to pay in order for the insurance carrier to take on the risk of that customer.
Process for implementing Rating - -Plan and prepare rating information
-Input formatted rating tables into Calculation Matrices
-Build the Rating Procedure: Define Calculation Procedure(s) and, if needed, define an Integration
Prodecure
-Link the Root Product(s) to the Rating Procedure
* Before preparing your Rating Procedure, you need to gather these: - Formulas and Rating Tables
Base Rate - The cost of coverage before any adjustments. Often represented as constants in a
calculation. Adjusted by a coverage factor to produce a base premium.
Limit - Maximum amount a policy pays out for a covered loss
* Deductible - The amount the insured party must pay before the insurance company pays a claim.
Rating risk factor - A percentage adjustment
* Rating Procedures can be - Calculation Procedures or Integration Procedures
* What needs to exist before you can build a quote using the record page? - Salesforce price book
* Provides many common processes for different use cases, so you don't need to reinvent the wheel
every time - Salesforce Industries Process Library
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