GUIDEWIRE POLICYCENTRE PROFFESIONAL
EXAM NEWEST 2024-2025 ACTUAL EXAM
COMPLETE 100 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+
what is asynchronous quoting and under what conditions is it
enabled? (2) Which LOBs support it? (5) - CORRECT
ANSWER-Runs the quote processes in the background in the
following conditions:
1. Asynchronous quoting is enabled
2. Number of coverables exceeds a threshold
Supports - Commercial auto (for vehicles), Business owners (for
buildings), Commercial property (for buildings), General
Liability (for exposures), Worker's comp (for covered
employees)
Quote --> Alert Message --> Quoting runs in the background -->
quoting completes --> Unlocks --> creates activity --> clicking
activity page shows the quote
,2|Page
What is 2 step quoting - CORRECT ANSWER-Step 1 -
Validates the policy data/rates the policy
Step 2 - completes the post rating tasks like generating forms
and raising UW issues.
This process waits for the user to accept the quote if they are
satisfied
Instead of the "Quote" button, you will see a "Rate" button in the
first step
In base configuration, 2 step quoting is available for
Commercial Property
Policy File details (on left hand side bar) (11) - CORRECT
ANSWER-1. Summary - concise info about policy file
2. Billing - view overall balances for policy periods
3. Contacts - list all contacts associated with a policy
4. Participants - lists users interacting with a policy by role
5. Policy Transaction - displays summary info about all policy
transactions that have occurred on the policy
6. Notes - view and search notes related to the policy
,3|Page
7. Documents - view and search documents related to the policy
8. Risk Analysis - issues that may affect the policy (UW issues,
claims, prior policies, prior losses, contingencies)
9. Reinsurance - insurance risk transferred to another insurance
company to all or part of the liability
10. History - view and search historical events pertaining to
policy
11. Financial Transactions - an internal tool used for rating
while developing the application (only people with the
"InternalTool" permission can see this screen
Preemption - CORRECT ANSWER-2 transactions are initiated
from the same base period - a transaction starts while another is
in progress
The first job that finishes/gets bound "wins out" and the losing
job has to be modified to handle the preemption
3 statuses of policies getting renewed - CORRECT ANSWER-
Renewed
Not Taken
Non-renewed
, 4|Page
How to override an automatic renewal - CORRECT ANSWER-
Pre-configure renewal directions - this puts the expiring term
into either automatic nonrenewal or manual renewal
Interrupt renewal - If you start a renewal and then change the
existing policy, what happens? - CORRECT ANSWER-If the
renewal is unbound, the policy change can be added to the
renewal
Rewites - CORRECT ANSWER-You must cancel a policy to
rewrite it
Full term rewrite (discards the original policy and policy term)
Mid term rewrite (retains part of the original policy)
Which policy jobs can not be out of sequence? - CORRECT
ANSWER-Submissions, renewals, and audits
What is an out of sequence transaction? - CORRECT
ANSWER-When a change is made after the first one is bound
but is supposed to go effective before the first change (if no
conflict, PC will merge the changes, if there is a conflict, the
user decides what to keep)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller johnkabiru. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $29.49. You're not tied to anything after your purchase.
